NY real estate crash and Toronto

[trent]

While reading the article below, I couldn't help but think about our own Canadian equivalents Toronto and Muskoka :p

http://finance.yahoo.com/tech-ticker/article/291957/High-End-Hamptons-NYC-Real-Estate-Slammed-But-Don't-Pity-the-Sellers?tickers=ITB,KBH,TOL,LEN,XHB,PRU,%5EDJI&sec=topStories&pos=9&asset=&ccode=

[Canadian]

I think Toronto is faring better than Muskoka so far.

[Steven]

I don't think that the real estate in Toronto will ever go down. I've been waiting for this to happen for several years now, and I missed on a huge appreciation meanwhile :(.

[Canadian]

I don't think that the real estate in Toronto will ever go down. I've been waiting for this to happen for several years now, and I missed on a huge appreciation meanwhile :(.

When everybody start thinking that way, the prices will fall off a cliff...

[trent]

When everybody start thinking that way, the prices will fall off a cliff...

Yes, when the last bear gives up the residential market will go down big time. I talk to many "homeowners" (deeply in mortgage debt) in Toronto and not a single one shares my view that there will be a crash. This is simply because it doesn't fit their agenda, and if happens will ruin them financially. Nobody likes to face the facts, but sooner or later they'll have to.