Describe the speaker's opinion on the current situation with housing prices in Toronto and the likelihood of new legislation changing it.
Idiots. The damage is already done. Housing in TO is already far out of reach for everyone except the one percenters. Any new legislation brought forth now to address the problem is too little, too late. The only thing that would bring RE prices back down to earth would be a major housing correction in the neighbourhood of a 30 - 40% (or more) drop in values. I don't ever see that happening. Bottom line - even dual-income average wages today are nowhere near sufficient to service the average mortgage. Prices are absolutely ridiculous with no reason or justification.