Who has the Crystal Ball to Predict the Future of the Toronto Real Estate Market?

The magic question is where do you think the Toronto real estate market is heading in the short term? In the long term it should be fine.

There are many experts or so called experts that have opinions locally, regionally and nationally. Who do we believe? The truth is who knows? We have seen all types of predictions for the past 15 years about Toronto real estate with little accuracy.  I have always said someone will be right about real estate or stock market corrections not because they really know, they got lucky. Owning property is and always will be one of the best places to put your money regardless of the current market conditions.

I watched a webinar the other day put on by a leading Canadian research company. Their feeling is that the prices may take a small dip by end of May, June and early July, then head back up. Some experts are calling for 20% or more price drops. Yet others are saying prices will maintain or increase as there is little inventory.  I have personally been involved in the past week with buyers in multiple offer situations where there was as many as 8 offers. Is this temporary? Unfortunately, we don’t know for sure.

Each one of us has to make a decision, not based on fear or panic to determine our own conclusion. What we can all agree on that based on history, in the long term todays prices will seem low.

I would love to hear your comments.

Ray Adelson is a seasoned professional real estate broker with more than 25 years experience. As a member of Homelife/Cimerman R.E. in Toronto, he has collected many top producing awards. If you have any questions or comments, feel free to reach out to him.