Toronto real estate down 30% -- but no blood on the floor

 

I think it was 4 years ago when the Chinese suddenly left the Markham housing market.  My relatives were selling their house, and poof, it was the last one sold at the big price.  I had called an end to the market, like I did in 2007.  

Then Covid, and really bizarre changes in the housing market.  For a while, every 3 bedroom 60's house in the neighbourhood sold for exactly 1.4 million.  I was stunned.  Now we are going over the cliff, but nothing is happening.  I think we'll all have a nice Christmas and see what happens in the Spring.

There should be something happening, but there isn't.  Nobody feels the need to sell into the falling market.  Everybody can hold onto the higher interest rates.  In a normal world, we would expect something like the bitcoin fall, but not here.