The housing market performance of the late 1990s and early 21st century was driven by an unusual combination of positive economic factors that could not be sustained indefinitely. The rapid rate of job creation in the GTA levelled off in 2002, ending the run-up in the employment rate. As a result, the housing market is slowing down. Both the short-term and the long-term outlook are uncertain. The recent experience of strong growth cannot be used to predict future growth.