This time in 2012, venerable British magazine the Economist opined that Canada was (and is) in the midst of a serious housing bubble. Developers insist that this just isn’t so (but this guy also says that Toronto City Counsel is doing a “fantastic job”), and Jim Flaherty responding by downplaying the bubble but also by quietly taking the heat out of the housing market.
So, what’s changed? Not much. Canada still has a terrible price-to-rent ratio, Canadians still have too much debt, rich expats are still investing heavily and busts can take awhile to happen. So, if you’re an optimist, buy now; the government will take care of this. If you’re a pessimist, just wait for the crash and pick up cheap property.
[The Biggest Housing Bubble in the World Is in… Canada? – The Atlantic]