Pop Goes the Housing Bubble – Toronto Home Prices

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If you watch the media reports about the future of real estate, you often run into a new article predicting the next housing bubble.

Often, these experts miss the target, so they try again. Just as those looking for oil, the media has to dig deeper to find any evidence to back up their pessimistic claims.

Next real estate bubble
This Globe and Mail article talks about the impending wave of ‘boomers’ about to retire, and how they will flood the market with homes that perhaps nobody will want to buy. As all predictions go, I take this one with a big grain of salt, and here is why.

This massive number of retiring baby boomers to come to the market has been ‘happening’ for the past ten years. The only problem is nobody has bothered to tell the boomers that it was time to sell and move into something smaller.

Shortage of homes listed for sale
So far in central Toronto we continue to experience a shortage of homes for sale. Demand for homes is strong and continues to raise enough to have “bidding wars”, and there is little sign of them disappearing any time soon.

If the media is bent on forecasting this impending tsunami of homes to hit the real estate markets, my suggestion is to tell the boomers to downsize. The way things are shaping out, it looks as if the boomers may just ignore the advice and stay put, and let reporters write more articles about the upcoming flood of homes to hit the market.

“At a recent dinner party with a group of fellow boomers, the conversation turned to our homes. Most of us live in relatively large ones on big lots, with all the attendant headaches.

Our yard is graced with a dozen towering cedars that packed quite an appeal when we first saw them. They’re still beautiful, but also a royal pain. Each spring, I’m forced onto the roof to scrape off the moss they generate. The shedding they do in the fall fills dozens of large refuse bags over multiple weekends”.

Read the Globe and Mail article

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Tagged as: boomers about to retire, toronto housing bubble, Toronto housing market