CIBC World Markets economist Benjamin Tal appears to agree. From a Globe and Mail article last week:
"It's the end of an era, if you wish," says Mr. Tal. "I think that the toronto real estate market will be more boring for the next couple of years — which may be a good thing."
Mr. Tal says one key measure — unit sales as a share of new listings — is sitting at about 55 per cent right now. Last year, it was about 65 per cent.
A range of 40 to 60 per cent is considered a balanced market, and Mr. Tal expects to see Toronto sales remain in that range. In fact, the percentage will likely to fall to 50 per cent or so, he predicts.
