How bad will things get in Toronto?

Transcend
By Transcend on Thu, Mar 21, 2013 - 8:04am

Hi all,

I'll keep trying to engage everyone in the group and see if we can figure some things out and have a discussion.  I'm wondering how bad you think it will get in Toronto and surrounding areas.

I look around at the cranes in and around the city and it boggles my mind how the housing market and the general impression of Toronto has held up so well.  The housing market is clearly the backbone in Canada at the moment.  We hear constant talk about the soft landing we are trying to accomplish.  Will it happen?  What does this mean for Toronto?  Does the housing market keep on its path sideways and upwards?  Is Toronto the next New York City?  The Pan Am games are coming to Toronto in 2015.  They are building a train from union station to the airport.  Is this the reason for all the building and the demand?  Does anyone know what's happening on the inside of these households?  Does anyone have their own homeowner personal experience or anything to share with what they are hearing on the ground? I'm not just wondering about the condo market.  We've seen weakness there, but what about the semi and detached homes.  Do they keep rising?

I've read about Canada's household debt and imagine it is no different in Toronto.  I would think it would be even worse in Toronto since it is so expensive, however, it's possible income levels make it all relative.  I combine the debt with the increasing house prices and it makes sense, but how long can this go on for?  What happens when it doesn't go on any further?  Does the banking system stay as strong as it has?  Is it really as strong as what everyone says?  With the news about Cyprus, are you keeping your hard earned dollars in the bank?

The reason for this post is to try and figure out where we really stand in Toronto rather than on the global level.  We all read about the problems in the US, Japan, China, Europe, etc.  We even read about the issues in Canada.  How about we try and figure out what this means for us in Toronto and what we can do about it.

Hoping to get some responses on this one.

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