A Thread for Peace ☮
But I think we need a zen thread, a peaceful, calm, and positive space where people aren't insulting and shouting at each other.
Let us acknowledge a few points.
- The bulls had no idea RE was going to rise to these levels. Yes, they believed in housing, but sustained 20%+ increases were surprising to them too. Many of them simply bought a place to raise their family, and if they had some money left over, bought a rental unit and managed on the side. And then, prices went up faster than they could even believe.
- The bears never believed Toronto had a strong enough economy to sustain these RE prices. For many years, they saw Toronto as the lesser of World-class cities, and only a stepping stone to better cities with real economies. But now they are seeing things change, in the past decade or so, with more money flowing in and the city transforming into a globally prominent city and a major economic and cultural hub. And they are seeing demand for housing increase, as evident from rental prices going up.
At the end of the day, bear or bull, we are all subservient to the greater winds that none of us can control or predict. We all put our chips on the table, and wait for the world to do its thing.
I hear predictions, with high levels of certainty, saying 2020 we will have a recession. Or conversely, that condo prices will double up by 2028. I think we should all realize that none of us know, or are in real control. We are all on this boat together, and the waves of the ocean are unpredictable one way or another.
Who knows what future will bring. But, please, let us all be a bit more humble and have a bit more empathy towards those on the other side.