Recently, the Toronto Star published an article with the headline GTA house prices fall. The author made a fine point of letting everyone know housing prices are down 3 per cent in the Great Toronto Area (GTA) from the same time as last year and the average time a home is on the market went up five days (up from 31 to 36).
He allowed experts to spew gloom and doom and only spent the bottom 30 per cent of the article with some perspective. First of all, 2007 was a record year for real estate in Toronto, in fact, the past ten years have been banner year after banner year for the housing market.
Toronto Real Estate Board president, Maureen O’Neill cautioned buyers to expect more conservative prices like we saw at the end of 2006 and early 2007. Oh yeah, those HORRIBLE days of 2006 and early 2007 – no one was making money in real estate then (sarcasm).
Real estate should see decreases in in growth thanks to David Miller lead Toronto City Council. The land transfer tax increase the city imposed might as well be taken right out of the seller’s pocket and into city coffers. Doomers and gloomer love to write posts and comments suggesting the end is near and houing prices will fall so people with a combined income of $60,000 can buy a three bedroom two bathroom in the Yonge Eglinton corridor.
The reality is, that’s just not going to happen. Canada’s economy is related to the United States but it is independent. As population grows and demand for city dwelling increases, home prices will continue to rise.
