Housing Bubble in Three Canadian Cities
It seems lately that there’s been an excess of articles either confirming or denying that Canada is in a housing bubble – or at least parts of Canada are.
According to this article, only three Canadian cities can be considered to be property bubble worthy: Vancouver, Victoria, and Toronto. No big surprises there. I knew that real estate in Vancouver was really ludicrous, but a bungalow for $1.1 million? That’s out of control. It leaves me (and the author of the article) wondering how people manage to pay their mortgage every month and still be able to “pay for food and keep the lights on”. I know it’s not because residents of British Columbia and Ontario get paid more than their homeowner counterparts in the rest of the country.
In the meantime, cities such as Edmonton, Calgary, Montreal, and Ottawa are experiencing a steady rebound from the recession, while keeping prices mostly in check.
