Apparently Vancouver has now tagged Toronto “it” in the Great Canadian Real Estate Bubble. While the former is decelerating from absurd to only insane price gains year-over-year, the latter is hanging in at absurd, thus threatening Vancouver’s bubble price-gain lead.
Look at how nice a job those Canadians are doing at leaving the U.S. behind in the bubble game. Okay, the following chart, while provocative, is bizarre. I can accept converting to a common currency, and alibi the distorting effects of Vancouver, but it should not compare average Canadian prices to median U.S. prices. That’s just wrong. I’ll leave the graph up, but this is a distorting view.