Toronto housing is in a pretty pickle. We have the central bank boosting interest rates, but a bleeding-heart fed gov't that doesn't want anyone to even have the thought of pain. And we have the monster banks who don't want to expose their stupidity.
This all leads to a great Japan-Debacle, when their real estate bubble collapsed, but the banks were hiding it. We have that now in Canada, but the feds are responsible for banking regulation. The banks are doing all sorts of dirty tricks, and the feds slap them on the heiny.
I thought of this on my dog walk today. Our neighbourhood was 'ground zero' of ridiculous excess. Nothing but monster houses being built. Now, they are all empty and selling for a song, but we never hear about the price. Everybody is hiding it.
The big question is (as always) how long this can last. There might be something in the fall as everybody starts to look at huge heating bills.
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