Toronto shoebox condos being dumped in foreclosure

 I waited a long time for this.  Basically, the banks finally have the guts to foreclose, and they start dumping.

Nobody wants a shoebox condo.  They are now off 50%, and I think that's a rare sale.  That would be sold to someone who thinks a 50% haircut is sufficient.  The price drop will only stop at this point if everybody now thinks it's good deal.  Not going to happen.  90% for shoebox condos which will be turned into farms.

There are endless ugly homes north of Toronto.  No immigrants coming in.  Once the banks start on this, then it's 50%.  However, they seem to be holding up the zombie market.  We wait for the next headline.

Zombies can only stroll around for a while until they collapse.  They have no physics.  The banks were holding things up by creating 1000 year mortgages.  The government was ordering them to make things look good.  Time for the medicine.