Toronto Has World’s Second Biggest Housing Bubble, San Francisco Is #10
Lorimer Wilson | Oct 10, 2019 11:10
Toronto real estate is climbing up the charts, and is back to the second highest risk for a bubble. This is up from the No. 3 spot it held in 2018, but down from topping the list in 2017.
The firm notes that Toronto prices are largely unchanged from last year, but prices did triple from 2000 to 2017. They estimate a 650-square-foot apartment now costs 25 years worth of rent, up from 16 years just a decade ago.
Global real estate markets are seeing rates fall across the board, and prices deflate. Traditionally lower rates lead to more favorable financing, and higher prices. More favorable financing isn’t enough right now, as economic anxiety hits ahead of a possible global downturn.
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