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Is Toronto's housing market in a bubble Despite a recent declaration by Bank of Montreal Chief Economist Douglas Porter that Toronto's louis vuitton neverfull epi red hot housing market is indeed in a "bubble," other economists have been hesitant to use the controversial label to describe the city's current real estate boom. One of those experts, Dana Senagama, a principal market analyst for the Canadian Mortgage louis vuitton mens wallet amazon and Housing Corporation (CMHC), says "it implies that there are no fundamentals to support it and that's not the case here in the Toronto housing market." Senagama cited the city's strong employment rates, slow inflation and historically low mortgage rates as evidence of Toronto's louis vuitton alma ivory vibrant economy. However, Senagama does recognize that there are some valid concerns about the housing situation. The market analyst referred to overvaluation, price overheating and price acceleration in the housing market as "problematic conditions" to keep an eye on. "Whatever decision you make, whether you're a home buyer or a seller, base your decisions wisely on the information we (the CMHC) provide," Senagama told CTV News Channel on Thursday. As the average price of a home in Toronto continues to rise and Vancouver's louis vuitton neverfull kokemuksia market continues to cool, the Ontario government is being urged by at least one Toronto city councillor to establish a tax on foreign investment similar to the one introduced in British Columbia last August. In addition, Toronto Mayor John Tory told reporters at City Hall on Thursday that he was weighing the possibility of a new tax on owners of the estimated 65,000 vacant homes in the city that would be similar to Vancouver's tax and would be in Toronto's "legislative domain." The average price of a home in Toronto jumped 27.8 per cent year over year from $685,278 last year to $875,983 according to the Canadian Real Estate Association. By comparison, Vancouver saw a drop of 9.8 per cent year over year, with the average price of a home falling from $1,104,133 last year to $995,583. Ontario Finance Minister Charles Sousa has promised to consider the possibility of a foreign buyers' tax for the Toronto area in the upcoming provincial budget, but Senagama is unsure of the effectiveness of such a measure.
"The problem we have in Toronto and pretty much across Canada is that we don't have the data on foreign investments, comprehensive data," she explained. Senagama said they have started collecting information on foreign investments for condos in the city but they're lacking data for all housing types. "We don't know exactly what the level of foreign investment is, so therefore, without knowing that it's difficult to forecast and say what the impact would be based on a tax," she said.
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