Quote:
Originally Posted by d_jeffrey
I don't resent Toronto, I just don't get how not self-aware their residents are. "I'm glad to be screwed by my builder, it's not corruption, we're just a World class city".
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What are you talking about? We like our city, warts and all, that's why people from across Canada and around the world are clamouring to move here, and they certainly speak well of it. Sure, real estate is expensive right now, but that's what happens when there's a credit bubble and you're the biggest international city in the country. 48% of condo units are bought by investors, sure it's going to sting for a lot of people who bought at the top when prices crash, but in the process, a lot of development, infrastructure and density has been added. Due to that it really feels like a complete and thriving city, it didn't feel like that 10-15 years ago, when I was seriously thinking about moving to Chicago. The best part is it keeps on improving and will do so even after the downturn...the residential condo construction market is already giving way to the office highrise market so it will continue to improve one way or another. The fact is, many people live here, so we can afford to live here. Credit debt levels here aren't any different to the other big metros, and mortgages are fine because people have good salaries and a great variety of employment opportunities.