As some of you might know if you have been following me in recent months, the number of projects being previewed is surging.

While I am very selective about which projects I sell it, particularly in this time of hasty building and a frenzy to sell, this is something important to focus on.

The volume of pre construction activities list and therefore pre construction sales at an all-time high in Toronto, we know that this means in several years that there will be thousands of condos for sale in the GTA.

Currently, approved and in the planning stages, there are nearly 20,000 units scheduled to be built in Toronto and the surrounding GTA. That means York Region, very specifically. With so many builders not letting up in prices and people being scared that they won’t have an opportunity to buy later on as the prices keep climbing.

The question is:

Will prices actually continue to grow?

The answer to that question is contentious BUT I want to go ahead and say that there is no specific way to measure why Toronto prices are so high. We know that against all guru and sage advice that there has been no crash to speak of.

All the signs pointing towards a crash were a complete dud because there is something special about Vancouver and Toronto that makes people inclined to buy. It’s hard to point out which factors are the underlying causes but there are SO many.

That said, is there still room for a crash?

Of course, there is room. But given all the market conditions that had some people worried (and some people praying) there was no such thing. We’re going to experience slower growth than we have in the past two years, but this won’t kill the value of your home.

There’s a kind of safety in Toronto and Vancouver that attracted a lot of immigrants (myself included) that just isn’t comparable to other markets.

Last time the supply was projected to outpace the population growth like this, there was a crash.

What makes 2017 different from 1991 in terms of condos in the GTA?

That answer is a bit of speculation. I think that that was a completely different climate for real estate and there certainly wasn’t a foreign investor presence in the Toronto market. BUT we’re not talking about them as if they are the only factor in Toronto’s maturing housing market.

We also have the second most high-rise buildings in the world, second only to New York City. THAT’S remarkable! Only a few short decades ago, we were nowhere near this point.

There’s something truly special about Toronto’s housing market. It’s something that can’t really be controlled by trends or data. With all the odds stacked against it, it still manages to preserve and grow.

So when we talk about a spike in inventory in the next half-decade or so, remember that pre construction is at an all-time high in Toronto will not actually affect condos and Townhouses for sale in the GTA or their prices as they might have a few years ago.