Toronto real estate is incredibly valuable based on a series of factors. The area these people live in is through the roof price wise, as is most of the middle of the city. This is a city where people live and work in an integrated way, so prices are high, getting higher and unlikely to tank. The city has all of the characteristics - integrated economy not dependent on one industry, diversity, constant influx of immigrants, head offices, media and new industry, education, cultural magnets, top ranked country integrated with the US in ways that matter - to keep it top ranked as a city. There is no question real estate will follow normal ups and downs and possibly some reversion to the mean, but in this case all things being equal it is likely to be "up", a lot, over time like the other top 10 global cities with similar attributes (NYC, London, Paris, SF, Tokyo, etc.).