Is Toronto a housing bubble?

While Canada’s high-flying housing market continues to stabilize, it’s increasingly evident that one city — Toronto — is a glaring exception.

In sharp contrast to price moderation in most cities and a significant drop in Vancouver, where buyers are being priced out of the country’s costliest market, Toronto buyers are on a spending spree — one that looks as if it won’t end well.

New figures from the Canadian Real Estate Association show prices up by 10.5 per cent in Toronto over the past 12 months, the only major city with a double-digit gain. In contrast, Montreal gained a modest 3.7 per cent and Vancouver is down by 3.1 per cent.

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