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Canada Housing Might Be in a Historic Bubble, Rosenberg Says
- ‘This might be one of the biggest bubbles of all time’
- Toronto average prices topped C$1 million in February
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Canada’s housing market is in a “huge bubble” after months of runaway price gains, according to economist David Rosenberg, who was bearish on U.S. real estate before it crashed nearly 15 years ago.
Homes sold in the Toronto region topped C$1 million ($792,000) on average for the first time last month, with some suburbs and smaller cities recording price increases of 20% or more from February 2020. On Vancouver’s west side, detached homes sold for a median price of C$3.3 million in the first two months of the year.