This is my 1st day here in the forum and 1st post at this forum. So, please be nice!
I am also an active member at a real estate forum and have some cash flowing rental units here in Ontario. The group, I am with to learn about RE, is meeting once a month in Toronto, too, to discuss the local Ontario market.
If I remember right is the highest numbers of potential new condos in Canada here in Toronto (roughly 14,000 in planning or already in building process until 2011), what I read in my documents a few months ago- even more than Vancouver. So, yes there will be a condo market correction coming, FMPOV.
Comparing these prices to Europe, where I am from..... it would be a bargain.
Last years were "Tiger Woods" years in RE in Canada, but still in controlled growth, because of CMHC financing and the banking systems.
@ OhGreatGuru: Couldn't you say the same about stocks or any other investment: ....is "worth" whatever the market is willing to pay for it."