Toronto Condo Bubble

Oh no? Did the Toronto housing bubble just peaked?

The official narrative goes something like this: there is a listings supply crunch in Toronto which led to double digit growth in  housing prices. Prices will continue to rise significantly until there is a marked number of homes available for sale.
Average home price in Toronto increased 33.2% in March 2017 over the same period last year. Let's say you own a million dollar house in the GTA. Why would you want to sell it now when it can go up in price by another 30% by March of 2018? If you wait...

In recent months there has been  talk of a housing bubble in Toronto due to the fact that home prices went up by over 27%  (year over year) this past month. CBC is warning of a late 80s-style bubble but I think it could be much worse.
Why? Two things: interest rates are already low and Toronto home prices were already in a bubble even before the recent double digit price spikes....

As home prices in the GTA went up by over 18% in 2016 compared to a year earlier, CMHC did something unexpected.
It said  in a recent report (pdf) that: "moderate or elevated evidence of overvaluation was detected in Hamilton and the GTA..., indicating that some of the price appreciation was not driven by fundamental factors."...