Andrew la Fleur just posted an awesome blog posting with his thoughts, which can be found here: http://truecondos.com/toronto-condo-bubble-about-to-burst
He is generally speaking to Benjamin Tal, Deputy Chief Economist for CIBC, who is quoted as saying, “Prices are already softening, housing starts aren’t in the sky, MLS [multiple listing service] activity is starting to soften, so it suggests the market is already starting to level off”.
Andrew, a well know Realtor in Toronto, uses his own experiences to discredit the quote. My favourite point that he makes:
Andrew la Fleur said:
MLS activity is starting to soften. I’m looking for a resale buyer who thinks this is true. Please contact me immediately if you feel that you have more than enough choices of quality, well priced listings fitting your search criteria! All I see when I’m on the ground every day with buyers is a shortage of listings and anything that hits the market with any sort of quality will sell over asking in multiple offers.
Amen!! I am looking, and there is NOTHING out there to buy. Nothing. Nadda. In fact, I am going door-to-door this weekend asking people if I can buy their house.