Housing Market Still Healthy, Experts Say at Toronto Real Estate Board
October 28, 2008 -- More than 1,100 Greater
Toronto REALTORS® gathered
to hear Canada’s top experts talk about the future of the housing market
at the Toronto Real Estate Board’s 88th Annual General Meeting October
The following panelists covered a range of topics on the future of real estate:
Don Lawby, President and Chief Operating Officer
Gary Hockey, President
Kimberly Fleming, Regional Director, Canada
Howard Drukarsh, Vice-President
Phil Soper, President and Chief Executive Officer
Stephen Wong, Chairman
Michael Polzler, Regional Director and Executive Vice President
Andrew Cimerman, Chief Executive Officer and Founder
Much of their discussion was focused
on current market conditions, with panelists attributing a recent dip in
the GTA resale housing market to waning consumer confidence.
“People are mislead by the media,” said
Stephen Wong. “We don’t have a problem; it’s being self-inflicted.”
Panelists also agreed that while a return to robust conditions may not be seen until 2010, the market continues to be balanced and supported by the economic fundamentals of strong employment and immigration, and historically low interest rates.
In addition, Royal LePage’s Phil
Soper noted that unlike other major cities, the GTA has not experienced artificially
inflated house prices.
“We’re going through a time
of general economic malaise but it is not going to be prolonged and in the
housing market we’re not going to see a reset because it wasn’t
off in the first place,” he said.
“This is a time for professional REALTORS® who know
the business and all aspects of it, to lead people through complicated transactions,” he
Panelists concluded their discussion by pledging to support
organized real estate’s lobbying efforts against unrealistic regulatory
expectations and unfair taxes, like the Toronto Land Transfer Tax.
“This event’s incredible turnout demonstrates REALTORS’® genuine
desire to continuously improve in order to provide the highest level of service
to their clients,” said Ms. O’Neill. “We’re
also delighted to have received the full support of Canada’s largest
real estate companies as we continue our efforts to advocate on behalf of GTA
Greater Toronto REALTORS® are passionate about their work. They adhere
to a strict Code of Ethics and share a state-of-the-art Multiple Listing Service.
Serving over 28,000 Members in the Greater Toronto Area, the Toronto Real Estate
Board is Canadas largest real estate board. Greater Toronto Area open house
listings are now available on www.TorontoRealEstateBoard.com.
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