Do you think the Toronto real estate market is really that hot or is the media playing it up?

Question

Do you think the Toronto real estate market is really that hot or is the media playing it up?
News of people camping out over night to buy condos just perplexes me. There is an endless supply of condo in Toronto with one springing up in each street corner every day. I think the banks, and the media are just creating the hype and trying to make this real estate boom last forever. I have lived in countries where the real estate market is a toy for speculators and it sucks. Decent hardworking people have no affordable place to live while these a#$hole spectulators profits. I sincerely hope for a crash in the market so these scumbags go bankrupt.

Answer 1

Best Answer - Chosen by Voters

You can buy a decent Condo downtown a vibrant Toronto for $200,000. I New York, the only US city beside San Fransisco and Seattle with life downtown, you pay ten times as much. Get yourself a condo, you will thank me later. I wish you luck. By the way, never hope for a crash, it won't be pretty for anybody.

Answer 2

I have to play the devil's advocate and say that a crash or more correctly termed, a corrrection is not necessarily a bad thing. Sometime the market gets overheated because of speculators and ignorant followers and the bubble created is not a healthy thing. It leads to artificially high inflation, buyers who are over-leveraged. It's better to bring reality back in an early stage rather than later when more peole are sunk in debt. And Toronto is no New York or London, it's just a mediocre city where people don't NEED to live right downtown. It's not a major global financial hub, despite the fact that most Torontonian think it is. A market crash only hurts those who want to profit in the short term, it never hurts long term investors.