The Volatility of Toronto and GTA House Prices
It is rather interesting that everyone seems so surprised about house prices.
Here’s an interesting quote:
“While it is inappropriate of course for a Court to take judicial notice of any particular matter of fact, I think it is the Court's duty to be aware of general conditions that are so notorious and well known that specific proof of them is unnecessary. In November of xxxx, I had occasion to comment upon the volatile nature of the real estate market in single- family dwellings during the year xxxx.”
This is a quotation from a trial Judge. The point being that everyone knew the market was “hot”. It was certainly “no secret”.
And, by “volatile”, the Judge actually meant “rapidly rising” rather than fluctuating up and down.
Still, the Court insisted upon “expert evidence” to substantiate that as a fact.
In 2015, everyone appears very concerned, very interested and very surprised about real estate prices.
So, the question is: what year was that statement made about the Toronto and GTA market?
Brian Madigan LL.B., Broker