Having grown up in Toronto, still living nearby and having friends who currently invest there, detached homes are in limited supply and that supply has been pent up for some years now compared to demand, while sustained demand due to added competition from foreign investors, local investors, and sustained low rates compound the rate of increase.  

Once the pent up demand is spent, I expect to see a dip followed by a steady recovery as the economy digests the true fallout from this crisis.

But new houses and apartments didn't get built to match the growth.Result: Pent up demand for new housing, now that banks are lending again, the stock market is inflating, job growth is back, etc.

Pent up demand to move. 

With how much cash and pent up demand is still out there my bet is that the economy will have to stay in the toilet for 6-12 months for us to get to that point. 

Hi AllI am absolutely no expert, but the way I  gauge it is pretty simple, I start looking at pent up demand and if there is not enough stock to meet this demand ..... its probably a winner.Then it comes down to looking at some statistics, what is selling, who is buying, what is the average days for selling a property. 

Of all things, the pandemic has created strong pent up demand in the area, and this was one of our biggest concerns.