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Bubble or no bubble? That is the question (said in a Shakespearean voice).
There are many different opinions on this subject however, after many analysts from reliable sources have reviewed all of the stats from the last 5 years, they have determined this is in fact not a bubble and here’s why.
- Canada’s housing prices have grown (consistently) 28.7% in the last 5 years making it 8th in the world for the most growth. CLICK HERE for the full article.
- Canada has a very sustainable economy that has remained stable throughout this entire recession.
- Canada’s job growth keeps rising, with our unemployment rate sitting at a mere 7.3% in a recession! CLICK HERE for the Government of Canada chart (dated May 11, 2012)
- Our population is on a dramatic rise which is increasing demand, even with the “big condo boom” pre-construction condos are still selling out very quickly.
- We’re so diverse and cosmopolitan, which makes us desirable to everyone all over the world.
- Our home prices are still reasonable. Look at other major cities around the world; Hong Kong, New York City, London, Paris……..you would be lucky to get a 1000 sqft condo for under $1 million especially in NYC and Hong Kong.
Based on all of these facts, in my opinion, I think that Toronto and the GTA are just simply going through a natural evolutionary process that most major cities go through and it’s only going to go up from here! Think about it, Canada is still a fairly new country, when other major cities around world were around the same age they went through the same growth! Not too mention, all the people who have predicted this bubble will burst, have been consistently wrong in all of their predictions over the last 5 years.
Definitely gives you something to think about! If you want to make a smart investment, you have to look at the facts.