Industry leaders are cautioning agents working Toronto’s west end, warning them about a seemingly ideal client intent on luring them to vacant properties.
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you should post a link to the report unless you already did, which i cannot see.
The problem I have with this is this so called "Canadian market". There is no such thing, and any real estate professional will tell you the same thing. There is a Toronto market, and a Vancouver market. A Hamilton market, a Brantford market, a Fort McMurray market...but no "Canadian market".I have no doubt that there are markets, such as Toronto or Vancouver, that are overpriced and will see a correction sometime in the not to far off future. But each region's market is different, and drastically so. Mashing it all together and making sweeping statements like "Canada's housing market is overpriced, and needs to see home prices drop" not only spreads fear and doubt in buyers everywhere, but it's completely false. Where I'm from (south of Toronto), it is more affordable to buy a home than to rent one, if you can qualify for the mortgage. Vague articles like this that point to a survey and make broad conclusions from it drive me nuts.
Please define what you mean by "overvalued." If there is a demand then it has to be met. If supply is low then it's natural for the prices to go up. In the central part of Toronto, inventory has been such for many years. With continued immigration, where are people going to live?
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