Vancouver and Toronto home prices start to percolate again
Back when former finance minister Jim Flaherty moved to take some steam out of the market in mid-2012, he and economists expressed an especially high level of concern about two key areas: Vancouver, which had the most overvalued home prices in the country, and condos in Toronto, which were rapidly multiplying.
The cautionary comments from Mr. Flaherty and others, coupled with mortgage insurance rule changes that he imposed, fuelled a deceleration in both areas. But, as Bank of Montreal economist Robert Kavcic writes in a research note, they`re back.
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