Well more and more evidence is beginning to pile up that is indicating that there is no, nor will there be any condo bubble caused by a meltdown in the New Condo Market in the Greater Toronto Area. Will the wishers, and the naysayers, say their prayers every night praying for the Toronto Condo Market to fall into a black hole, they keep getting confounded by the numbers which indicate any drop is prices in the Toronto market is a long, long way off.
The latest numbers pretaining to the Toronto Real Estate Market show, that while sales did slip by 17%, home prices were actually up by 3.5%. What this indicates to a layman (non-expert) such as myself is that there are few sellers in the market, thus fewer sales, however, it is also indicating that while sales are slowing, because there are less sellers in the market, there is still upward pressure on home prices.
This is a stunning fact that people that actually own property in Toronto realize that there is a solid reason why Toronto attracts over 100,000 residents per year. The condo market here while not as strong as it was two years ago, is still strong enough to support between 50 to 100 new project launches per year at a major level, and that is the exact path we look to be headed on at this point. Also, in another good piece of economic news it was revealed today that Canadian personal debt levels are at their lowest point in almost 13 years. This is sure to make the Naysayers, and Condo Bubble Wishers have a nice cry tonight.
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