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Canada’s housing bubble didn’t pop a decade ago, and continued to inflate.
by newsclues 5y ago
Canada’s housing bubble didn’t pop a decade ago, and continued to inflate.
- etimberg 5y agoHousing in the Toronto area has been even more insane than usual the last few months. Houses an hour away from downtown that were selling for ~850k in November 2021 were selling for $1.05M in January and February.
- Ensorceled 5y agoAll of Southern Ontario really; prices in Midland, Owen Sound, etc. etc. are all much higher.
- newsclues 5y agoI live two hours from Toronto and a house in a bad area of town that I personally know was a crackhouse 2 years ago, sold for slightly under half a million and is getting gutted and renovated into a duplex. Last time I was in the house, crackheads were shitting in buckets. Literally. And there isn’t a lot of good jobs here!
- abeppu 5y agoIs there a convincing explanation of why the US and Canadian markets behaved differently? Were Canadian banks smarter about what loans were issued? Not being a Canadian, most of the stories I hear about Canadian real estate are about international investment by the global rich -- is that a large enough share of market to support prices even through a recession?
- namelessoracle 5y agoWhy wouldnt it be?
- newsclues 5y agoCanadian economy is less diversified and overly reliant on housing as a component of GDP, so policy has been distorted by the housing market and the corruption/money laundering that goes along with it.