Yesterday reporter Grant Robertson of The Globe and Mail posted an article on how Canada’s big banks are warning of a cooling real estate market. Led by Vancouver and Toronto, and showing signs first in the condominium market, speculation is that we’re in for a “soft landing”. You can read that article by clicking HERE.
This isn’t news. Despite recent record-setting volumes of sales and precedent-setting prices, many experienced realtors believe this kind of hot market cannot be sustained indefinitely. In fact, I wrote about this in my Fall 2011 Real Estate Forecast PART 2, and also in my recently published “Is Toronto’s Real Estate Market ‘Too Good To Be True’?” newsletter.
I am convinced we are going to be hearing more and more dire warnings about the market. And guess what? Some of it will be valid. But people still have to live somewhere, and with the security of home ownership the prudent will be purchasing smart buys that will escalate in value over the long term and assure their owners a comfortable return on investment. Yes, there are investors out there who might want to hold onto their money before buying a new ‘box in the sky’, but for others I’ll be steering them wisely into a purchase that will ultimately serve them well.
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