Toronto housing bubble
Multiple metrics show rate increases aren't slowing down home sales.
A strong economy can't explain the Toronto region's house price growth, the bank says.
Toronto is no longer a "seller's market" and is now "in balanced territory."
The average sales price of a home in Canada reached $548,517 in March, up 8.2 per cent in a year.
By the time the public realizes it's a bubble, it's already over.
There are still more expensive places than Toronto. Just not many.
"Kill the new condo market, kill the Ontario economy."
But Toronto's party is about to end, Ontario's fiscal watchdog warns.
Speculation in Toronto real estate is "a sign of a market bubble,” Realosophy says.
“It will be incredibly tough to attract talented folks ... if they will struggle to buy a home and yet still pay taxes of over 50 per cent."