Ever since I started making plans to come to Canada, there has been a condo building boom going on in Toronto. I haven't known the city I love without construction cranes. My ex told me you had to be careful in buying into new construction - there wasn't enough labor to build them half the time and occupancy that should occur in a couple years would drag on to 3, 4...or never at all as the developer went insovent and took your deposit with him to Cuba. Scary.
Now that I have a little time on my hands, I'm sort of glad for all the activity of this frenzied market. From what I can tell, there's a lot of speculation in the market and a lot of overbuilding. Sure, all of us new Torontonians are going to need housing, but come on - not at $500K a pop. Not when we're (stereotype) driving taxis while you consider our credientials!
But good old basic economics tells us is that where there is supply in excess of demand; prices drop.
So come on housing bubble - BURST! But not until I'm ready to come to town.
If you're looking for a place, check out the MLS for Toronto Central. I have my own preloaded for a nice price pocket. You also might want to check out the hilarious Brad Lamb (masterful self-promoter and "King of the Lofts"). His team are actually some pretty cool people (personal experience).
Though...when I think of it...I just might rent.
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