“We have seen strong annual sales growth through the 2011 fall market. The increase in transactions has been broad-based, with strong growth across low-rise and high-rise home types throughout the Greater Toronto Area,” said Toronto Real Estate Board (TREB) President Richard Silver. “The market has also become better supplied, with annual new listings growth outstripping that of sales. As this trend continues into 2012, we will see more balanced market conditions.”

The average price for November transactions was $480,421, representing an increase of almost 10 per cent in comparison to $437,494 in November 2010.

“Despite strong price growth this year, the housing market remains affordable in the GTA,” said Jason Mercer, TREB’s Senior Manager of Market Analysis. “The correct method of assessing affordability is to consider the share of the average household’s income that is dedicated to mortgage principal and interest, property taxes and utilities. Currently, this share remains in line with generally accepted lending guidelines. Given this positive affordability picture, average price growth is forecast to continue in 2012, albeit at a more moderate pace.”

Source: Toronto Real Estate Board
 

The Canadian Association of Accredited Mortgage Professionals (CAAMP) produced the findings in its annual State of the Residential Mortgage Market in Canada report after surveying 2,000 online respondents.  About half the respondents were homeowners.

Respondents were asked to rank their agreement on a scale of 10 on various issues relating to housing and mortgages, and the highest score, 7.98, was for the statement “as a whole, Canadians have too much debt.” Almost one-half, 46%, gave a rating of nine or 10, showing very strong agreement with the statement. (I talked about rising consumer debt levels in a recent post)

The response to those surveyed was more mixed when asked if the Canadian market was in a bubble currently. The average score was 6.07 out of 10, with 46% of responses being closer to a neutral score of 5 or 6.

But while there might be some concern about a bubble, the average response for the agreement with the statement that real estate in Canada was a good long-term investment was 7.27 out of 10, with just 2% of respondents giving very low ratings of one or two.

It’s quite interesting that respondents are quick to point to debt levels and proliferation of home ownership of others on the one hand.  And on the other, suggest that their own situations are responsible and self assured.

Self-denial, perhaps?  Just the kind of symptom that screams concern.

The table below summarizes the responses. (Average scores of 5.5 would indicate neutral opinions.)

Highlights include:

• The statement that found the highest degree of agreement (an average rating of 7.98 out of 10) is that “as a whole, Canadians have too much debt”. Almost one-half (46%) gave ratings of 9 or 10, showing very strong agreement with this statement.
• This, coincidentally or not, has been asserted repeatedly by senior government officials and other voices in the news media.
• There is also agreement (average rating of 7.11 out of 10) that “low interest rates have meant that a lot of Canadians became homeowners over the past few years who should probably not be homeowners”.
• However, different perspectives were found with several other questions.
• There is a widespread opinion that “real estate in Canada is a good long-term investment”, which received the second highest rating, an average of 7.27 out of 10.
• Furthermore, there was a high degree of agreement that mortgage debt is “good debt (7.07 out of 10).
• In addition, in a statement that was asked for mortgage holders only, few agreed that “I regret taking on the size of mortgage I did”. The average score of 4.04 was well below neutral. Just 7% agreed strongly with the statement; 37% strongly disagreed.
• Many Canadians believe that other people have taken on too much debt or have bought homes for which they are unprepared. But, when responses about their own situations are aggregated, most believe that they have been responsible. The contrast between these sets of responses is interesting. Actual behaviour by people and their beliefs about their own behaviour tells us more than does their beliefs about the behavior of other people: overall these responses suggest that prudence rules the land.
• Meanwhile, data on mortgage arrears indicates that there are very few Canadians who are not meeting their mortgage obligations, and estimates developed in this report indicate that a vast majority of Canadian mortgage borrowers are well-positioned to deal with potential increases of mortgage rates. Moreover, they are acting aggressively to pay off their mortgages, considerably more rapidly than they are required to.

In commemoration of the great courage demonstrated by the twenty-six men from the Woodbridge area killed in the First World War.  The Village of Woodbridge Council on June 9, 1924, passed a by-law granting the sum of $1,500.00 for the purpose of erecting a memorial in their honour.

Construction of the Woodbridge War Memorial Tower began in 1924 and was completed that same year with the assistance of volunteer members of the community: John Johnston of Woodbridge donated the fieldstone for the tower’s construction; Fred Baret, a stone mason from Humbervale, near Weaton (south of Woodbridge), built the tower.

The tower measures 11′ x 60′ on a 14′ x 34′ base. It is constructed of native field stone with a glass dome. At the apex of the tower, there is a domed beacon light decorated with crenellated stonework and small window openings encircling its base. The beacon light once illuminated the surrounding area at night and could be seen from Highway No. 7. The Memorial was built with love and volunteer labour, a real community effort.

The site is designed in four stepped levels; the highest level is occupied by the tower. Each level is supported by a retaining wall of cut stone. The cut stone found at the highest level was salvaged from what was known as the old Humber Bridge, demolished with the widening of Highway No.7 in 1924.

Three field guns are located at the site. Two guns flank the tower on its north and south sides and the third gun sits on the second stepped-level (from the bottom), next to a flag pole. The two top field guns have the inscription “Fried.Krupp” indicating they were assembled by Krupp of Germany, one of the largest German armament manufacturers of the 19th and 20th centuries. The guns were originally located on the Toronto waterfront (property of the Department of Defence) and brought to Woodbridge by Canadian Pacific Railway flatcar.

An inscription on the fieldstone at the base of the tower (on its west side) indicates the tower was unveiled by His Honour Colonel Harry Cockshutt, Lieutenant-Governor of the Province of Ontario, on November 16, 1924.

A bronze plaque at the base of the tower commemorates those fallen in World War I and reads as follows:

“In Honor of the Men of this Community Who Laid Down their Lives for King and Country in the Great War 1914-1918.”

The following passage is carved into the stone:

“This tower is erected in grateful memory of the men who gave their lives in the Great War, and also of those who, daring to die, were spared to return to the native land.  We shall remember with pride, Ypres, Festubert, Lens, Sanctuary Wood, The Somme, Vimy Ridge, Passchendaele, Amiens, Arras, Cambria-Drocourt, Queant Line, Bourlon Wood, Valenciennes, and Mons.”

The War Memorial

By 1921, the many communities in Ontario were getting back to normal after five years of sacrifice and uncertainty. Fathers, mothers, sons and daughters were rejoined; some hale and hearty, some sorely crippled, and many who would never fully recover. Many had made the supreme sacrifice.

It was the absence of these many young men that motivated the Council of Woodbridge to call a meeting of the people to survey the ways and means of constructing a lasting memorial to do honour to them. They made the supreme sacrifice to save our country from a dictatorship, and to preserve our democratic way of life.

This meeting was called on the 15th of June 1921, to meet in the Orange Hall. At this meeting, a steering committee was appointed consisting of Reeve C.L. Wallace as Chairman, J.J. Rolph as Secretary, and Arthur McNeil as Treasurer. Soldier representatives were Alex MacKenzie and William Smithers. The committee also included Thomas Cole, Arthur McNeil, J. Devins, W.O. Duncan, Miss L. McNeil, Mrs. William Fleming, Mrs. Henry Smith and Miss Mary Burton.

Like all community efforts, finance was paramount. The committee held a tag day to publish the objective, and were successful in raising $197.00. Encouraged by the success of the tag day, they were able to secure the services of Major Gibson of the Queen’s Own Rifles to design a “watch tower.” He designed a tower 11 feet by 60 feet, on a 14-foot by 32-foot base, to be constructed of native field stone, with a glass dome.

The committee was pleased with Major Gibson’s efforts and proceeded to examine several locations. Finally, they decided on its present location. They negotiated for the site and were able to secure the land from Mr. Abel for the sum of $200.00. Tenders for erection were called on May 2nd, 1923, and Mr. Fred Baret’s tender was accepted at $1,790.00.

A building committee was formed, consisting of: C.L. Wallace, Mrs. William Fleming, Miss Mary Burton, Miss L. McNeil, Bert Cousins, Thomas Cole, William Mitchell, J. Devins, J. Rolph, William Smithers, Alex MacKenzie, Mrs. H.N. Smith, W.O. Duncan, Dr. G. McLean, R. Johnson, Mrs. A. Harris, James Ross, Alfred Thompson, John McLean, Andrew Frost and G.A. Mowatt.

With the tower designed and land acquired, the Committee had no problem when it became necessary to assemble the material. The farmers volunteered to haul the stone, donated by John Johnson, and the gravel and sand from Robert Huston’s pit. There were so many volunteers it is impossible to list them. It was a total community effort.

Mr. Baret, with the help of the district, had the “Watch Tower” completed, and the Building Committee was able to turn over the completed project to the executive for dedication. The executive was able to secure Lieut. Harry Cockshutt to officiate at the dedication on November 16th, 1924.

With the memorial dedicated, the committee’s next project was the landscaping. The Defense Department had some German guns available to communities, so the executive was able to secure a “German Whiz Bang.” The City of Toronto had a surplus of captured enemy weapons, and the executive was able to secure two 6′ Field Guns. These guns were made by “Krupp” in 1901 as Naval Guns and, when the British Navy bottled up the German Navy, the guns were removed from the ships and converted to field use. These guns were located on the waterfront and, although the Executive was able to convince the City of Toronto of their need for the guns, they were faced with the problem of transportation for these guns (three or four tons of steel) to the village, and their mounting on the top of the hill.

Now, the executive, who was in charge of this work, is made up of rugged individuals who did not recognize “can’t” as a word in the English language. They negotiated with the C.P.R. to transport these guns to Woodbridge and, with the assistance of Mr. Snider (a local house mover) and a number of local people, enough plank sand timbers were brought to the site to build a ramp for landing the guns. The railroad then hauled the guns to the village on two flat cars and left them on the siding.

The guns were now in the village, and the next move was to transfer them to the Memorial site. The farmers were busy seeding and were reluctant to spare the time. After about two weeks on the siding, the C.P.R. was getting impatient at the delay, and were pushing the executive to release their cars. Again, the executive called on the services of Mr. Snider to erect a ramp at the tracks. The railway company, with patience and co-operation, sent an engine to the village and, when the tracks were clear, moved the first car to the ramp and, with the aid of Mr. Snider’s winch, landed the gun on the ramp, thereby freeing the flat car. They still had to move the gun to the top of the cut to clear the ramp so the second gun could be unloaded. Three or four days later another engine arrived and, finally, the executive had their guns located and mounted. This added considerably to the appearance of the memorial.

Major MacKenzie, a lifelong conservationist, was able to secure 1,000 pine seedlings from the Department of Lands and Forests and, under his supervision, they were planted and flourished. The British Royal Family, to show their appreciation for the loyalty of the Canadian people, offered any community who desired them, Oak saplings from The Green Forest. Again, Major MacKenzie, with the approval of his executive, was successful in securing five of these Royal Oaks. They were carefully planted along the west boundary line and are now large trees.

The hill had a natural terrace, and the Committee constructed a Bowling Green that was extensively used for years, and provided recreation for a large number of the Villagers.

The Committee now felt that they had accomplished what they set out to do but, before disbanding, appointed a board of trustees to supervise the maintenance of the project. Those appointed were: Major Alex MacKenzie, Thomas Cole and Bert Cousins. Arthur Banks replaced Thomas Cole in 1945.

In 1945, a Benefit was held in the Orange Hall and it was so successful that, after all obligations were taken care of, the effort had a balance of $1,000.00. The committee who were in charge decided that this surplus should be invested in government bonds, and the proceeds to be used to help maintain Memorial Hill.

This report is a result of a meeting the writer had with Major Alex MacKenzie, at which time we received all the records he had in his possession, and with conversations with him from time to time over a period of 30 years.

No doubt there are many details I have not recorded. There may have been people not mentioned who were helpful in the building of this Memorial, but I am only recording from the data and conversations I received.

This project embraced landscaping, terracing, restoring of the Whiz Bang guns, etc., and, of course, a Centennial Plaque.

Money earned from the Bond has paid for the care taking of this Centennial.

Source: Herb. H. Sawdon, “The Woodbridge Story”

VAUGHAN REMEMBRANCE DAY PARADE & CEREMONY
ROYAL CANADIAN LEGION BRANCH 414
FRIDAY, NOVEMBER 11, 2011
10:45 a.m. – 11:45 a.m.

10:20 a.m. – Parade Forms
10:45 a.m. – Start of Parade
11:00 a.m. – Ceremony

All residents are welcome to attend the Remembrance Day parade and ceremony hosted by the 414 Royal Canadian Legion to honour and remember those who died and for those who are fighting today for our country.

The parade will form in Market Lane on Woodbridge Avenue and begin its route at 10:45 a.m. The ceremony will follow at 11:00 a.m. in front of the Cenotaph located on Wallace Street (south of Woodbridge Avenue at the stop sign).

For more information contact:

Royal Canadian Legion Branch 414
60 Legion Court, Woodbridge
Tel: 905-851-0032
Email: rcl414@rcl414.ca
http://www.rcl414.ca/

The report examines the reasons for the 100%+ gains in average Canadian home prices during the first decade of the millenium and ultimately concludes that ‘housing evolution’ has been the primary catalyst behind this extraordinary jump in prices.

To be sure, here’s the opening statement in the press release

“Billions spent in new construction, renovation, and infill over the past decade have contributed to a serious upswing in the calibre of Canada’s housing stock, propping up residential average price in the country’s major centres”

…and here’s the slick, musically scored video accompaniment…

A very uplifting and optimistic tone, wouldn’t you say?

“Forget the stock market, the place to find real value is the Canadian Housing market”In trying to explain the basis for the upswing in prices over the last decade”

Obviously innuendo and subtlety has fallen by the wayside.

Now let’s be clear.  I have nothing personal against the men and women who are affiliated with RE/MAX.  As most consumers know (or should) by now, “the brand” is by no means a reflection of the character and competence of the individual, one way or the other.

What I do take issue with however is the well-timed and crafted appeal to vulnerable home buyers and investors, particularly at a time like this.  A time where volatility and uncertainty in global markets now has investors and institutions alike scrambling to find a safe haven for their savings and portfolios.

Here are the summarized observations advanced for the huge upswing in home prices:

• the upswing in both the value of residential building permits issued nationally between 2000 and 2010—at $340 billion—and the estimated $450 billion spent in renovation
• Higher quality housing
• Revitalization—amid an aging housing stock—and newer construction
• Infill in areas where the value of existing structures have not kept pace with escalating land values
• Renovation spending
• Strategic smart growth plans and non-residential construction, including infrastructure spending
• Marked the rise of the condominium
• Construction of rental product few and far between in many Canadian centres
• Redevelopments and Conversions
• Population growth

When you look closely, most of the reasons given reflect a “build it and they will come (and pay)” theory of price appreciation. That is to say, supply precedes demand. Let’s not kid ourselves however.  Development, for the most part, does not take this type of approach. The demand (or belief that there will be) drives the prudent development. The question is what’s driving demand?

I would argue that a  more plausible explanation underpinning all this “evolution” has been a historically low interest rate environment coupled  with loose government insured mortgage lending (namely CMHC) both of which combine to fuel consumer confidence in the housing arena.

Consider the following exhibits:

Over the long term, the home price to income relationship ratio normalizes along a given band.

As you can gather the ratio has spiked in the last decade from its previous average.  A household now spends approximately 3.3 times its disposable income to acquire a house, compared to the average of around 2.3 times during the 1990s. Notwithstanding population growth, the only way this has been able to take place and the only way it can continue is by way of cheap and ample credit.

                                           Source: Capital Economics

From above, we see that Canadian household debt is over 150% of disposable income.  What’s more concerning is that that while the 2008 recession saw a US correction in this ratio, in Canada, we’re now well in excess of pre-recessionary levels.

This author does not purport to raise fears nor advance fears of worldwide financial Armageddon.  Frankly when it comes to the home purchasing decision of the average Canadian, each individual and/or family situation is unique and must be given it’s own due consideration and analysis.

But given the economic uncertainties and realities which surround us, one would expect a much more transparent, subdued and conservative message to better serve Canadian home buyers and investors.

Canadian Consumer Price Index

Overnight Target Rate and GDP

Canadian Labour Force and Unemployment Rate

A little over one month after the Provincial election and the progress of the ‘officially approved’ Vaughan hospital already faces a major headwind with today’s news of a reduction in Provincial growth forecast stemming from a bleaker global economic outlook.

Here are some concerning quotes from Provincial Finance Minister Dwight Duncan, who is set to release his fall economic statement later in the month.

“This will be a long period of restraint.”

“My view continues to be that there will be a lot of difficult choices.”

The Minister was also quick to rule out raising taxes to raise revenue.

That of course results in one of two alternatives: Cost cutting or piling on more debt.

During the election, Premier McGuinty promised to protect healthcare and education spending (not to mention the massive subsidies in the green energy sector).

By the same token, it is public knowledge that under the McGuinty’s government, Ontario’s debt has almost doubled to the tune of $230 billion.  By their own admission, the Liberal government is not planning for a balanced budget until 2017.

If the past election achieved nothing else, it was the greater public awareness of just how troubling Ontario’s finances really are.  A path that simply cannot continue both from a provincial viewpoint and nationally.

And so, when you consider that healthcare is responsible for roughly 40% of the provincial budget, you can probably start to understand why this Vaughanian is feeling a little anxious right about now.

“Housing starts posted a slight decline in October due to a decrease in single-detached starts in urban centres,” said Mathieu Laberge, Deputy Chief Economist at CMHC’s Market Analysis Centre. “Urban multiple housing starts remained high in October, but overall housing starts are expected to moderate in line with demographic fundamentals.”

The seasonally adjusted annual rate of urban starts decreased by 2.1 per cent to 184,500 units in October. Urban single starts decreased by 9.0 per cent in October to 60,900 units, while multiple urban starts were up by 1.7 per cent to 123,600 units.

October’s seasonally adjusted annual rate of urban starts decreased by 43.5 per cent in the Atlantic region, and 28.8 per cent in Quebec, while urban starts increased by 1.5 per cent in British Columbia, by 11.7 per cent in Ontario, and by 28.2 per cent in the Prairie region.

Rural starts2 were estimated at a seasonally adjusted annual rate of 23,100 units in October.

Toronto CMA

The seasonally-adjusted annual rate (SAAR) of total housing starts for the Toronto Census Metropolitan Area increased to 46,600 units in October, according to preliminary housing starts data released today by the Canada Mortgage and Housing Corporation (CMHC).

Last month the pace of housing starts in Toronto reached its second highest level of the year.  “Toronto housing starts have been moving in a see-saw pattern over the past six months, but have maintained a strong pace”, said Shaun Hildebrand, CMHC’s Senior Market Analyst for the GTA. “Last month saw the largest number of row homes started in over four years. Expect this form of housing to take on an increasing share of low density development in the years ahead,” added Hildebrand.

• Backdrop of global economic and financial market is unnerving
• World is still responding to Crisis of 2008 and Crisis in US
• We are experiencing a “Balance Sheet recession” which is one where value of assets drops significantly (in this case US housing market assets)
• Homeowners in US experienced devasting hit to their net worth where approx 20% are upside down on their mortgage so they can’t refinance, despite record low interest rates
• Foreclosure pipeline in the US continues to be enormous with 2-4 million in current foreclosure which will leave the number of vacant homes at even higher levels
• This is not the kind of recession that one recovers from easily
•  It does not respond to easing monetary policy
• There’s a negative feedback loop because businesses who are experiencing reduced order books, they are reluctant to hire.  With low employment and uncertainty, consumer confidence is impacted particularly in the way of larger financial spending decisions
• We are linked to this in Canada because not only are we impacted by net export loss to the US, but also by the psychological impact of this on Canadians given our obsession with US media coverage and the like
• What’s different now is that there is an added (and perhaps even more concerning) risk to the economic outlook that comes from overseas in the Euro sovereign debt crisis.
• These levels of debt are at critical levels
• Only response to this has been further fiscal tightening.  They are not imploring counter cyclical policies of Government spending and hiring to help buoy the economy during contraction.
• We’ve seen that as one of the reasons Canada has led the way during the 2008 recession relative to other international economies
• Still, the GDP growth outlook for the US remains very modest at less than 2% and that will result in little to no change in the dismal unemployment rates in the US
• Our impact in Canada to this has been mostly in the way of our net trade deficit with our #1 trading partner has moved from record surplus to record deficit
• Where Canada has outperformed economies, particularly in the labour and real estate markets, the US is another story.
• In US, jobs are at 7 million jobs prior to the peak levels prior to recession.
• 14 million unemployed people
• Existing homes, new homes and housing construction activity is at lowest level since 1950 when population was a 1/3 of the size.  Unprecedented since the Great Depression
• Businesses (aside from Construction and Real Estate) in the US were quick to respond by way of cost cutting (ex slashing payroll and improving producivity) so they are in relatively good shape, although earnings growth is starting to slow
•  The key is in employment levels and that requires greater confidence and order pipeline…difficult given public confidence
• When you look at measure of unemployment that is similar to that used in Canada, jobless rate in the US is hovering around 16.2%.
• Average duration of unemployment is averaging at over 10 months, record highs.  This results in erosion of human capital as you’ve unemployed for such long periods.
• When you combine lower unemployment, lower wages for those that do find employment and lower net worth, consumer confidence is extremely low levels.
• This is starting to weigh on Canadian confidence
• Americans are continuing to tighten their belt as personal savings rates out of income are increasing sharply.
• Personal consumption in Canada is now stronger than it was prior to the recession.  In the US it’s barely caught up.
• Personal income growth level in Canada now exceeds that prior to the recession. In the US, real incomes still are falling.
• Interesting debt levels in US have declined (whether voluntary or unvoluntarily by way of foreclosure)
• In Canada however, we’re seeing record debt to income levels, primarily as a result of record low interest rates.
• Even Carney is concerned on this issue.  Roughly 6-10% may well be overextended paying 40% or more of household income in housing related expenditures.  The only way this can continue is by way of low interest rates and continued employment levels.
• In Canada, credit growth has diminished, in the US credit it’s actually contracting.
• US Banks actually have excess reserves because there are insufficient numbers of qualified borrowers, in light of tighter borrowing requirements.
• New home sales in the US have plummeted and existing home prices continue to fall.
• In Canada, we’re seeing a slowdown in the growth of price increases, but they do continue to rise.
• Ray of hope for the US is that housing starts in the US are at their lowest level in decades.  To be sure, housing starts are dramatically below the level of household formation unlike in Canada where they’re running neck and neck.
• US also has the advantage of enormous population growth compared to the rest of developed world.
• Boomer kids are in housing market for the first time.  These will be the winners (ie 1st time home buyers), assuming they have a good enough job and down payment.
• Looking at home prices, Vancouver continues to defy gravity.
• But consider this.  Average prices in Vancouver now are &779,000.  That compares to 830,630 last March. So in 6 months, we’ve seen a decline, some of due to CHMC tightening and we’ve also seen a slowdown in the rise in prices.
• Toronto is less vulnerable to the bubble than Vancouver.  But in even in Toronto, much of the buyers (particularly at the high end level) is from foreign money.  Much of it is a diversification of investment portfolio.  Toronto is seen as a safe haven and the Canadian $ a strong currency.
• This should continue, unless a “crisis” mentality emerges.
• American retailers have saturated the US and are now moving to Canada, which is great news for consumers and competition.
• It’s also good for shopping center real estate.
• It’s bad news for Canadian retailers however given the American strength in retailing and their ability to exploit online capabilities.
•  On the office side, vacancy rates are on the decline.   In Toronto, the office build out is unprecedented and spaces are filling up.  Even older buildings are undergoing major renovations, all of which is a sign of vitality.
• Construction growth is slowing however.
• Internationally, Germany continues to be the strongest Country in the European economy as a major exporter.
• Emerging world represent the growth leaders in the global economy, having represented 3/4 of all growth in global economy in last 5 years.
• However, even there, activity is slowing in countries like China and Latin America and India.
• The European banks have the single largest lends to China.
• The impact of the Euro crisis is therefore deeply interconnected globally.
• On the issue of inflation, Bank of Canada is no longer concerned over near term inflation pressure in Canada but negative effects of world events and has committed to leaving interest rates untouched in the forseeable future.
• In US, the debt overhang is enormous.
• Most effective way for US to eliminate its deficits is to put people back to work and then consider tax reform and medical system excesses.
• Positives and opportunities do exist for Canada
• Toronto is quickly becoming a global financial hub
• Our banks are strong, our regulators are strong and our political situation is stable.
• We are able to trade around the world.  We need to exploit oil exports to China.  We can no longer depend on US only.
• We’re already exporting oils, minerals and base metals and forest products to China, Asia and Latin America
• Foreign capital will continue to flow into the Country
• Greatest challenge in improving R&D and productivity in private sector (ex RIM). “Me-too” strategies don’t work.
• Public sector needs to work more closely with private in order to be able to commercialize all the development that does occur.
• If this happens and the Country continues to follow counter cyclical policies, Canada will continue to be a global growth leader.

In the second video, Mr. Mercer discusses the GTA Condo Report for Q3 2011. Further insight on the Condo market results can be found here