THE NEW YORK TIMES IS PAYING ATTENTION TO THE SOARING CANADIAN HOUSING MARKET

<Aerial view of Toronto City with residential buildings & houses.>   Canada is talking again about whether most of the country is in a soon-to-burst real estate bubble. In Vancouver last month, the benchmark price for detached homes rose by 13.7% compared with a year earlier reaching $1.6-million Canadian dollars. In the Toronto area the average selling price for detached homes rose 23.1% over the same time period, 2020. And a composite price that includes all kinds of housing topped $1-million dollars.  A sellers’ market prevails in many parts of the country, even at a time of economic distress for many. I was surprised to learn that bidding wars, something I associated with Toronto and Vancouver, were now common in my hometown, Windsor, Ontario, for sales of even relatively modest houses. . . . . In my Ottawa neighborhood, a city that posted a record number of house sales last month, little time elapses before “for sale” signs are plastered with “sold” stickers.   Story by Ean Austen, March 5/2021

<Aerial view of Toronto City with residential buildings and houses>