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WARTIME HOUSING The horrific events of the past weeks have evoked a cavalcade of human emotions. None more important than personal reflection. As individuals, in a world seemingly gone mad, there is a sense of helplessness. Uncertainty and fear are the cornerstones of indecision. As our hearts and prayers go out to the families and victims devastated by this despicable act there is an underlying and seething anger against a faceless enemy. An enemy whose motivation is based upon ideology presents a challenge to which we are not particularly familiar or comfortable. There has not been a demand for land or financial or political gain but an attack on our way of life, our individual freedoms and our fundamental system of democracy. This is a difficult concept to grasp in a society predisposed with fairness and the basic goodness of humanity. It seems completely incongruous which in itself creates frustration and hence the need for personal reflection. It may seem trite to say, but “life goes on”. Albeit in a form and nature that may be far from what we once considered normal. I have been asked on countless occasions each and every day of the impact of this event on the housing market. As an observer and participant in the new housing marketplace this is my job - but one that seemed so mundane and almost irrelevant in the face of such tragedy. Yet upon reflection I relieved my sense of helplessness with a renewed spirit of resolve - about work, family, friends and underlying need to find comprehensive understanding in the root cause of this incomprehensible event. The Toronto housing market has produced month after month record-breaking sales for both new and resale housing. This was remarkable in itself, as the general slowing of economic growth in Canada and the United States should have produced a softening for housing demand. This demand is generally based upon the vagaries of household formations, job creation and consumer confidence. The latter, often fragile, is driven by the stability and level of interest rates. As rates continued to decline Toronto consumers took advantage with a strong commitment to home ownership. The unintended consequence of the attack on America has continued lowering of interest rates. Housing is a long-term investment and the consumer commitment to this investment is usually reflective of their level of confidence. The coming weeks and perhaps months will create uncertainty on the world scene. This will tend to erode individual confidence. But the long term will find resolution and understanding of the conflicts and a restoration of confidence. Traffic to new home sites over the past week has been down dramatically but sales actually remained very buoyant. A new release of lots by Tribute Communities in their very successful Nottingham development created a line up. Eden Oak Homes opened a new project in Markham called South Unionville Gardens and had spectacular results. The consumer is committed to the long-term investment of new housing. As our lives return to normal over the next few weeks and the emotional turmoil begins to subside find, upon personal reflection, a fundamental resolve to make a difference. The housing market will produce inconsistent results in the short-term but is very resilient. So to is the economy, so to are you. Keep Positive!
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