Some investors wonder if buying a new condominium apartment in downtown Toronto is a good idea right now. They feel Toronto is sure to prosper as an alternative to other world financial capitals like London and New York. After all, Canada has a relatively liberal immigration policy, plus a stable government, attractive corporate tax policy and so on. They assume this will attract wealthy business people who will buy Toronto condos and drive up prices. This is an example of a “top-down” investing strategy. That’s when you zero in on a market that seems likely to rise, then try to profit from it. As you probably know, we prefer the “bottom-up” approach. That’s when you focus on high-quality investments that are likely to prosper under most circumstances. Then you zero in on those that are reasonably priced. If they provide attractive income, so much the better. But it’s the quality and appeal of the investment, rather than your prediction about their market,…