Re:‘Housing in ‘07 wasn’t a bubble” is a true statement that...
by refurb on Friday April 08, 2022 @11:45PM
(#30965123)
I don't think we broadly disagree, and sure Brampton is a Toronto commuter 'burb, but a 2.5x increase in housing prices in 20 months is based on sound economics at all. $1M houses? Sure. $2.5M? Even the bay area isn't that much and the jobs pay way more.
The places where people are really going to take a hit in Canada is in places like the Maritimes or smaller cities much further away from the major metros that people fled to during the pandemic and WFH being the fad. Tons of folks sold their Toronto / Vancouver homes and bought homes in these area's for essentially cash and are mortgage free but they drove the prices way up and anyone native to those places who bought a house and had to use a mortgage are going to be in a world of hurt when those prices fall back down hard over the next 2-5 years.