I do not see how we can conclude that we are not in a bubble at this time. The median total annual family income in the Greater Toronto region is estimated to be around $73 thousand. The median house price is seventeen times higher than income, only marginally better than the ten times income price of a condo or townhome. Given the cost increases in tuition, property taxes, electricity, car insurance, etc., I cannot see how families in the GTA can afford to keep their homes in the absence of gains that come from the market action. I am sorry but we do not need much more data to reach a rational conclusion that there is a problem. The only question is when the bubble pops and that could still be some time away as the Bank of Canada and the federal and provincial governments will try to do what they can to keep the party going. What the market correction needs is a trigger and we cannot be sure what that is.