That is the title of an article by Diane Francis published on March 9, 2010 on the Financial Section of the National Post.
After participating in a Real Estate round table with professionals in Toronto, as she discribes in the article, the consensus was that prices would continue to increase, bot as much as last year. Besides that, she continues, there wee some interesting tidbits:
. Foreign "hot money" from Middle East, Europe, Asia and the United States is propping up the market and increasingly pouring into Toroto and Vancouver.
. Repatriating Canadians, fresh from Manhattan and London, are buying expensive real estate back home...
. Small condo units continue to be snapped up by Boomers and empty nesters as investments for rental purposes, to eventually live in when they downsize or to house their offspring in starter homes.
. Buying interest is due to record-low mortgage rates, but also the massive transfer of wealth being handed down to Boomers from their parents.
. Both Toronto and Vancouver are the principal destinations for roughly 300,000 new entrants annually (both from abroad and other parts of the country).
Garth Turner, former Tory Cabinet Minister, also present at the round table, suggested the prices will drop when mortgage rates rise this summer, and because they're too pricey.
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