I don't see thirty-percent happening; however, I did just unload my other property. You can read between the lines.And yet... and yet... banker friend-of-a-friend today insisted that we're not in a bubble, because 'if you compare Toronto to other international cities...'
Fuck me. I am a bad guest. I'm afraid I shouted the refrain nobody native to Toronto will hear:
For fuck's sake, Toronto is NOT an INTERNATIONAL CITY.Looking at its size and economy, it's the lesser Great Lake city to Chicago by half. It's Houston. Kita-Kyushu/Fukuoka. Birmingham. And like all of these places, not integral to it's home economy. The Canadian economy has long lost its sovereignty: Toronto's is regional.
And there's this:
What's more, as I pointed out to the banker, the only thing that fueled the (inflation adjusted) growth in house prices for the Boomers, so that any but the most brain-dead made out like bandits on real estate, ain't going to happen again unless we send our children to the salt mines: a second income from women joining the workforce. But I'm just a fucking teacher and he's the banker. God help us all.
*Though Japan's having it's own economic issues, Tokyo largely isn't: the hinterland's gangrenous, but the core won't die for a while.