Of all the comments and brilliant analyses on this subject over the past few months, this is by far the most honest and damning.
It is now totally clear that there is no one party who is responsible for the massive housing bubble in Canada. The blame must be shared by those who make policy, like the GofC and the BofC, and those who make money, including money launderers, mortgage brokers, realtors, insurers, banks, and many other peripheral players.
The time has come for millennials to stop blaming boomers, and boomers to stop blaming the banks. Indeed, it is time to blame all of those who have managed and profited from this gigantic scam over the past 2 decades. We all know that the fix is in and the people who have rigged the market must be held accountable.
Wake up, Canada, you have been screwed by your politicians and powerful businesses leaders and it is time to demand accountability and justice.

It is 100 percent a bubble.

Everything in Toronto detached, on zolo, shows bought in 2007- 2011 for $540,000 re listed for $1,800,000 now. Some even more, bought in 2012 $630,00 re-listed for $2,250,000. Not a bubble hey? OKAY, sound economy hey. This is effing bullcrap and when it goes back to 630,000 im going to laugh. Nothing changed in the economy in canada since 2013, NOTHING. Immigrants are not that rich it is all due to FOMO and fake mortgage applications claiming ppl are earning $400,000 when they are earning 80,000 and banks looking the other way and approving them for 1.5 million. Non of the homeowners can pay their mortgages with their incomes and it is all from refinancing.. USA 2007 comming to Ontario, Canada and deservededly so.

Don’t worry the real estate bulls will still tell you that the average mortgage is still only $400k, so it’s mostly just people trading up.

They’ve been well aware that there’s a ton of dirty money in Canadian real estate for a long time now. But it keeps the economy afloat and frees them from any serious oversight… until it all crashes down on them.

The run up in housing prices in the ’00s also happened in all of North America and Europe. But some places (USA, Greece, Spain, Ireland) got hit much harder when things went south. Canada’s housing prices were already detached from fundamentals like local wages. Our household debt is really high. So when there is a global shock, that may start somewhere outside of housing, we are going to get hit very hard.