Big 4 Banks say there is no housing bubble, page-38

Here is a rare exception of a Canadian banker finally calling to "drop the pretence".

Doug Porter from Bank of Montreal recently wrote:

"Let's drop the pretence - the Toronto market — and the many cities surrounding it — are in a housing bubble.

"The massive price gains are being driven first and foremost by sizzling hot demand, whether from ultra-low interest rates (negative in real terms), robust population growth, or non-resident investor demand"

"Toronto and any city that is remotely within commuting distance are overheating, and perhaps dangerously so."

Both Sydney and Melbourne has been ranked as less affordable than Toronto in the latest Demographia International Housing Affordability Survey.