“Right now, there are 20,000 unsold condominiums somewhere in the pipeline and it is worrisome with all that inventory,” said Peter Norman, senior director at Altus Group Economic Consulting.

Projected condo sales in Toronto will hit just 8,000 next year after topping 23,000 in 2007. This means there will be a three-year inventory of unsold new condos on the market by 2009.”

>>>>>> That is not good news, and this is a snapshot of what is going on now (which assumes a linear outlook). The reality or ‘Curve’ of decline is actually worse (non-linear calculus reality based trajectory)

From the Article:
“In fact, right now, the good news is that Canadian incomes are climbing at a healthy rate, Norman said.

“This type of income growth is not consistent with a recession,” he added.

“So there is some indication we are in a good position even as we head into a slowdown.”

>>>>>>> It is these types of comments that does nothing but harm those in your profession, not only from a reputation standpoint, but also to those agents who are clinging on when a possibly better career/skillset opportunity is presented.

-Many economists and recent consulting studies stated otherwise; wages are expected to be frozen, bonuses are significantly reduced (easy google)

-Does not take into account the dwindling pool of people due to job losses that still have the ‘higher’ income. A more realistic way is to take total income and divide it by the number of employed and unemployed in the pool.

Total Salary and Wages/Employed and Unemployed = LOWER INCOME GROWTH

as opposed to

Total Salary and Wages/EMPLOYED ONLY = HIGHER INCOME GROWTH

This will show that real income has actually decreased dramatically.

The scary part is looming job losses that will make November (the worst in several decades) even seem small. Do the math by multiplying EXPONENTIALLY with a increasing curve (not a flat linear multiple) of fear and loss of confidence and there will be truly scary times ahead where real estate boards and certain agents (not directly referring to you!) will now have a real hard time justifying the purchase of property with credit on a dwindling pool of current and future wealth.