Does Canada have a housing bubble?

You betcha …

Canada’s housing market certainly appears frothy to some observers, but many economists still believe there’s little to fear.

Three reports have now put Canada in the bubble category. And this week’s big sales numbers, as reported by The Globe and Mail’s Tara Perkins, could fan those concerns.

However, expectations of higher mortgage rates are driving people to buy earlier than they otherwise might have, helping to pump up sales in cities like Toronto, Vancouver and Calgary. Coupled with that is the fact that the real estate market was slumping a year ago as the federal government brought in new mortgage restrictions aimed at preventing a bubble.

“The larger story is that, after last year’s plunge in response to tighter mortgage rules, home sales have stabilized near normal levels and prices are rising moderately in most regions – a near perfect soft landing with shades of taking flight again,” said senior economist Sal Guatieri of BMO Nesbitt Burns.

He was referring to reports this week from some of the country’s regional real estate boards. As Ms. Perkins reports, property sales in Vancouver surged 52.5 per cent in August from a year earlier, Toronto a jump of 21 per cent, Calgary a gain of 27.5 per cent, and Victoria an increase of 20.7 per cent.

Prices were up in Toronto and Calgary, though down in Vancouver.

The International Monetary Fund, the Organization for Economic Co-operation, and the Economist magazine believe Canadian properties are overvalued.

They differ somewhat on the specifics, but the sentiment is the same.

In a report last weekend, the Economist ranked Canada as second only to Hong Kong on a price-to-rent reading. In June, the OECD ranked Canada third, behind Belgium and Norway, based on a combination of price-to-rent and price-to-income measures. And late this week, in a report on what it said is a housing bubble in Norway, the IMF put Canada fourth based on the price-to-rent ratio in late 2012, behind Norway, Belgium and New Zealand.

“On this basis, Canada’s house prices are bubbly whereas Japan’s are undeservedly flat,” the Economist said, referring to the price-to-rent reading.

Senior economist Matthieu Arseneau of National Bank took exception to that in a report this week that says immigration is helping to drive population growth, largely in the 20-44 age group, meaning more families in a key demographic where housing is concerned.

“We expect that this phenomenon will cushion the effect of rising mortgage rates on the Canadian housing more,” Mr. Arseneau said.

“With economic prosperity depending on a country’s ability to attract capital and skilled labour, we are confident that Canada can hold its own for now.”

He pointed specifically to The Economist, rejecting its conclusions.

“A more thorough analysis of home price sustainability must also take into account demographics,” he said.

“For that reason, we believe that the Canadian housing market will do better than what many observers, including The Economist, expect.”

Read More @ The Globe and Mail

New Listings Sun Sep 8 2013

2061929 – M9N – 76 Wendell Avenue Toronto, Ontario – $ 769,000

Warm,Elegant and Inviting. An Entertainers delight! Complete Custom Renovation W All The Bells & Whistles! High End Kit. With Granite Countrs,Under …

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C2640267 – M2P – 81 ALDERSHOT CRES Toronto, Ontario – $ 2,898,000

Price Change. Sep 8: $ 2,898,000 Jun 23: $ 2,998,000 May 20: $ 3,149,000
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C2698456 – M2H – 77 HOLLYBERRY TR Toronto, Ontario – $ 439,900

Price Change. Sep 8: $ 439,900 Aug 22: $ 449,900 Jul 24: $ 469,900
Perfect For A First Time Home Buyer Or Investor! Home Is Located In A High Demand Neighborhood. Perfectly …

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C2700968 – M3H – 757 SHEPPARD AVE W Toronto, Ontario – $ 689,900

Price Change. Sep 8: $ 689,900 Jul 27: $ 709,900
Steps To The Downsview Subway, Freehold 2600 Sf Townhome (With Only $ 700 A Year Landscaping Fee)Custom Built Wall-To-Wall …

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C2728136 – M6C – 557 VAUGHAN RD Toronto, Ontario – $ 364,999

Price Change. Sep 8: $ 364,999 Sep 4: $ 374,999
Great Investment Opportunity In A Prime Location On A Big Lot. Close To All Ttc And Schools And Is Currently …

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C2732184 – M5V – 25 STAFFORD ST Toronto, Ontario – $ 939,900

Grand 2 Level Townhome, 2 Bedroom + Den, Approx 1550 Sqft Of Interior Living Space Overlooking The Greenery In Stanley Park. 177 Sqft Garden Patio W/Gas …

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C2732207 – – $ 1,188,800

Remarkable Renovated Tudor Executive 2 Sty On One Of Don Mills Most Sought After Streets. Stunning Best Describes The Interior As Well As The …

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C2732249 – M2K – 30 RESTWELL CRES Toronto, Ontario – $ 2,195,000

Stunning Great Room With Vaulted Ceiling & Floor To Ceiling Windows Overlooking Gorgeous Ravine >>> Dining Room Overlooking Ravine >>> Gourmet Kitchen …

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C2732355 – M5R – 100 ALBANY AVE Toronto, Ontario – $ 1,100,000

Spacious 3 Storey Prime Annex Five Bedroom Home With Parking.. Owned By The Same Family For Many Years…Opposite A Park, Large Private …

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C2732377 – M6C – 52 WESTOVER HILL RD Toronto, Ontario – $ 799,900

Gorgeous, Modern And Chic Cedarvale Raised Bungalow On Quiet Street, Fully Renovated With Style! Beautiful 3rd Bdrm With Ensuite In Bsmt, And Fully …

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C2732394 – M2N – 260 KENNETH AVE Toronto, Ontario – $ 1,698,000

Rare Offer Gorgeous Modern Renovated, Duplex-Like Bungalow. 2Seperate Hydro Meter. Excellent For Income Or In-Laws. Prime Ny Location, Steps To Earl …

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C2732410 – M5V – 55 STEWART ST Toronto, Ontario – $ 599,000

Luxury Live/Work Loft At The Exclusive Thompson Hotel &Condominiums. Perfect For The Urban Professional.Spacious Two Level Townhouse W/One Bedroom & Den. …

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C2732418 – M6C – 215 WINNETT AVE Toronto, Ontario – $ 799,900

** Seeing Is Believing, A True Pride Of Ownership, For Executive Class People A Superlative Living In The Heart Of The City. This Marvelous Custom Built 3 …

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C2732480 – M5N – 32 CASTLEWOOD RD Toronto, Ontario – $ 1,299,900

Beautifully Renovated Detached Home In Heart Of Allenby School District. Hardwood Floors, Crown Mouldings, Gorgeous Kitch W/Granite Counter Top, Finished …

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C2732520 – M3B – 5 PARK GLEN DR Toronto, Ontario – $ 895,000

This Beautiful 3+2 Bdrm Bungalow Is On A Fabulous 50 X 128 Lot On A Delightfully Quiet Street. Outstanding Value In A Great Neighborhood. Recently …

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C2732562 – M4N – 28 GLENGOWAN RD Toronto, Ontario – $ 3,898,000

Chateau Grandeur On Lavish Estate Like Setting! Majestic Modern Brick Exterior W/Crowning Cedar Roof! Modern Masterpiece Situated On A Cul-De Sac …

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C2732590 – M4N – 35 GLEN ECHO RD Toronto, Ontario – $ 1,479,000

Great Opportunity Single Family Home In Teddington Prk, Jatoba Hardwood Floors, Walk Out From Dinette To Deck With Built In Hot Tub, Finished Basement …

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C2732597 – M2L – 9 LEGACY CRT Toronto, Ontario – $ 4,520,000

Grand Estate Residence On Prestigious Cul-De-Sac With Gated Entry!Soaring Ceilings!Elegant Layout!Gourmet Kitchen With Breathtaking Domed Ceiling! …

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C2732623 – M5T – 29 GLASGOW ST Toronto, Ontario – $ 599,000

Location! Location! Location! Close To Everything Ie: University Of Toronto, Kensington Market, Parkette, School,Chinatown, Spadina …

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E2653053 – M1K – 20 ROSEMOUNT DR Toronto, Ontario – $ 669,000

Price Change. Jun 10: $ 599,900 Sep 8: $ 669,000 Jun 1: $ 699,000 Jul 11: $ 699,999
Builders, Investors, Developers Check Out This Lot 50X427 Basment Showing Upon Written Offers Only. **** EXTRAS …

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E2701068 – M1K – 14 ROSEMOUNT DR Toronto, Ontario – $ 559,000

Price Change. Sep 8: $ 559,000 Aug 16: $ 569,000 Jul 27: $ 579,000
Huge 50X427 Foot Lot. Great Neighbourhood, Close To …

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E2706387 – M1K – 46 AYERS CRES Toronto, Ontario – $ 464,813

Price Change. Aug 3: $ 459,999 Sep 8: $ 464,813
Warden & Eglinton 3 Bedroom Spacious Townhome. Gorgeous, Bright, Open-Concept, And Immaculate 2008 Mattamy Built Freehold …

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E2732188 – M1P – 24 BEACON RD Toronto, Ontario – $ 469,900

Beautifully Upgraded 3 Bdrm Detached Bungalow In Desirable Dorset Park.2 Bdrm Bsmt.Apartment W/Sep Entrance.Gleaming Dark Engineered Laminate Flrs …

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E2732225 – M1R – 59 ELLINGTON DR Toronto, Ontario – $ 674,900

Stunning Almost New Custom Built Home. Detached 2 Storey, 3 Bedroom, Stone And Stucco Home With Lots And Lots Of Upgrades, New Kitchen With Granite …

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E2732265 – M1H – 150 BENLEIGH DR Toronto, Ontario – $ 464,900

Beautiful Fully Renovated Head To Toe Detached Bungalow Full Of Sun Lights $ $ $ Spend On Renovations. Brand New Flooring In Entire Home, New Modern Kitchen …

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E2732316 – M1P – 80 DUNDALK DR Toronto, Ontario – $ 362,800

Location! Location! This All Brick Nicely Upgraded 3+1 Townhome Closes To 401,Dvp/404, Ttc, Town Centre, Supermarkets, Banks, Schools And All Other …

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E2732321 – M1X – 32 GRISTONE CRES Toronto, Ontario – $ 459,000

Freehold Townhome In A Quiet Neighbourhood* Bright And Spacious* Open Concept* Excellent …

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E2732372 – M1N – 67 CRAIGLEE DR Toronto, Ontario – $ 675,000

Renovated From Top To Bottom.Using Designer To Design The Details.Very Spacious And Functional Home In Quiet And Mature Neighbourhood.Basement With …

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E2732376 – M1V – 32 OCKWELL MANOR DR Toronto, Ontario – $ 625,000

Elderly Owner, Home Needs Re-Decorating And Minor Renos. Very Solid, Large Detached, In Sought After Area And School Zone. Same Home Next Door Sold For …

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E2732459 – M1X – 128 HUMMINGBIRD DR Toronto, Ontario – $ 429,900

***A Mattamy Built Home*** 4.8 Months New*** Upgraded Chef s Kitchen W/Lots Of Cabinets, Extra Pantry & Centre Island*** Laminate On The First Floor*** …

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E2732468 – M1E – 189 GREYABBEY TR Toronto, Ontario – $ 629,000

Across From Lake — Enjoy Lakeviews From Your Veranda All Year Round! Original 3 Bedroom Converted To 2 Bedroom — Easily Converted Back. Shows …

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E2732506 – M1X – 74 STAINES RD Toronto, Ontario – $ 479,900

One Of A Kind !! Pride To Own. Rarely Find Amazing Corner Unique Home. Mattamy Built Gorgeous Freehold Townhome Situated In A High Demand Area. End Unit …

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E2732536 – M1E – 2 CAMPS LANE Toronto, Ontario – $ 399,800

New Luxury End Unit Townhome In The Highland Creek Townhome Community. Beautiful Park Setting With Ravine Views. This Home Boasts Generous Size Rooms, …

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E2732599 – M1E – 441 MILITARY TR Toronto, Ontario – $ 267,900

Spacious, Newly Renovated 3 Bedroom Townhouse. Refinished Hardwood Floors, Kitchen Cabinets Installed 2013, Freshly Painted. …

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E2732621 – M1C – 9 DEREK DR Toronto, Ontario – $ 644,000

Highland Creek Wide Lot Home On Quiet Dead End Cul De Sac. Large List Of Main Floor Upgrades Over The Last 10 Years. Extended Kitchen Includes …

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E2732643 – M1W – 69 SPRINGHOUSE SQ Toronto, Ontario – $ 479,900

Great Location Must See Bright Spacious Freehold Townhouse End Unit With Beautiful Inground Pool Renovated Upgraded Windows Kitchen With …

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E2732654 – M4M – 520-522 EASTERN AVE Toronto, Ontario – $ 1,000,000

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E2732689 – M4C – 6 CRESCENT TOWN RD Toronto, Ontario – $ 225,000

Renovated From Top To Bottom! Spacious Unit With Tons Of Upgrades. Beautiful 3 Bedroom Town House. Must Be Seen! …

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E2732712 – – $ 549,800

Bright And Spacious.Well Situated In A Desirable Neighborhood.Close 401,Public And Catholic Schools,High School,Uoft,Go Train,2 Plazas W/Department …

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W2619215 – M8Z – 381 BERING AVE Toronto, Ontario – $ 529,900

Price Change. Sep 8: $ 529,900 May 20: $ 588,900 Apr 27: $ 628,000
Detached Residence With A Commercial Unit – Spacious Home On Huge …

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W2684310 – M9M – 3045 FINCH AVE W Toronto, Ontario – $ 311,999

Price Change. Sep 8: $ 311,999 Aug 13: $ 314,900 Jul 6: $ 319,900
Spotless Charming Condo-Townhouse With 3 Bedrooms, Family Room (Can Be Convert To 4th Bedroom), 3 Balconies, Locker+ Two Parkings!! Well-Maintained By …

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W2698917 – M9V – 48 BARKWIN DR Toronto, Ontario – $ 499,000

Price Change. Sep 8: $ 499,000 Aug 8: $ 519,000 Jul 25: $ 579,000
Renovated Gorgeous 5 Level B/Split,Spacious Home On Ravine,Private Wrap-Around Deck,Designer Kitchen With Walk Out To Deck, Fin Basement W/O To Garden. …

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W2706568 – M9V – 251 JOHN GARLAND BLVD Toronto, Ontario – $ 519,000

Price Change. Sep 8: $ 519,000 Aug 3: $ 529,000
Amazing Large 3 Bedroom Bungalow, With Finished Basement, Sep Entrance, Built In Bar For Entertaining, Many Renovations Done, New Roof, New Furnace, All …

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W2732094 – M8X – 70 WENDOVER RD Toronto, Ontario – $ 2,599,000

Price Change. Sep 7: $ 1,599,000 Sep 8: $ 2,599,000
Exquisitely Appointed Design Built Masterpiece In “”The Kingsway””. Beautifully Decorated, Landscaped And Sun-Filled Home In Prime Location Between …

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W2732215 – M9C – 243 RENFORTH DR Toronto, Ontario – $ 518,000

Spacious Detached Home On Premium Mature Treed Lot, Fully Fenced, Garage Door Opener + 3 Remotes, Large Principle Rooms, Hardwood Thru-Out, Family Sized …

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W2732227 – M9A – 154 ALLANHURST DR Toronto, Ontario – $ 885,000

Prestigious Edinbridge Neighbourhood & Walking To St.George Club&Golf Courses.Park&Schools,Shopping Centre Ttc&Hwys,Gorgeous Two Story Home With Finished …

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W2732230 – M9P – 12 ARCADE DR Toronto, Ontario – $ 849,900

Exceptional Home In A Demand Area Situated On A Beautiful Deep Privately Treed Lot. This Home Has Been Updated Throughout And Offers Great Space For Your …

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W2732257 – M6H – 465 SALEM AVE Toronto, Ontario – $ 699,900

***Immaculately Maintained Detached Home!!!*** Great Layout, Shows Very Well Condition 10+++, Large Solid Home In Well-Kept Condition&Great Location. …

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W2732285 – M9R – 27 MOFORD CRES Toronto, Ontario – $ 629,888

Top Of The Line Renovations In This Beautiful Home With An Amazing Curb Appeal. Quiet Country Cottage Look At The Front & A Spectacular Modern Renovated …

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W2732306 – M6E – 272 HARVIE AVE Toronto, Ontario – $ 595,000

Stunning Renovated Like Model Open Concept 2 Storey Det 3 Bed +1, 2 Bath Home- New37Modern Kitchen W/ Breakfast Bar And Island, Blacksplash, Centre …

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W2732331 – M9N – 247 JOHN ST Toronto, Ontario – $ 374,990

A Beautiful Home. Newly Renovated Bathroom. Updated Tiles On The Main Floor. Hardwood Through …

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W2732475 – M6S – 101 THE QUEENSWAY AVE Toronto, Ontario – $ 549,900

Absolutely Stunning Executive Townhouse @ Sought After Windermere By The Lake! Desirable Open Concept Main Level-Hdwd Flr ,Gorgeous Gourmet Kitchen, …

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W2732526 – M6S – 9 WINDERMERE AVE Toronto, Ontario – $ 259,000

Live By The Lake With A Huge Terrace For Bbq Entertaining. Renovated With New Floors, New Paint Job. New Granite Kitchen Counter/Breakfast Bar. A …

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W2732538 – M9B – 101 DALEGROVE CRES Toronto, Ontario – $ 579,000

Attention Renovators Or Handymen. This Home Has Been Lovingly Maintained By The Same Family For 53 Yrs. Good Solid Bungalow, In Excellent Shape. This Home …

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W2732575 – – $ 549,000

Good Solid Home Nice Lot And Excellent Location. In Need Of T.L.C.Any Offers Should Be Conditional For 90 Days Or Until The Probation Of The Will Is …

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W2732580 – M9L – 109B LARCHMERE AVE Toronto, Ontario – $ 1,249,900

Spectacular 4 Bedroom Custom Built Luxury Home On Huge (Approx. 1/2 Acre) Lot. Over Sized Triple Car Dream Garage. Gorgeous Backyard Oasis Beautifully …

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W2732589 – M9N – 91 WEST OAK CRES Toronto, Ontario – $ 435,000

Spacious And Bright With A Huge Yard And Freshly Painted, Freehold Townhouse In Great Area Right Behind The Supercentre! Newly Finished Hardwood Flooring, …

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W2732608 – M3J – 25 KIDD TERR Toronto, Ontario – $ 736,600

Good Location. Large Well-Kept 3-Sorey Detached House In The Heart Of York University.Great University Investment Property Or Family, Walking Distance …

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W2732626 – M3J – 14 LEITCH AVE Toronto, Ontario – $ 658,000

Excellent Investment In The Village At York University W Income $ 4200/Month, The Eliot Model By Tribute Communities Builder Of Great Home. Well …

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W2732677 – M8W – 143 NORTH CARSON ST Toronto, Ontario – $ 539,000

Completely Updated Large 3 Bedroom Bungalow On Huge Lot, New Renovated Kitchen With Breakfast Bar, Brushed Granite Counters & Porcelaine Floor- 07. …

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W2732705 – M9P – 1 PAGEBROOK DR Toronto, Ontario – $ 549,000

Excellent Opportunity For Custom Built Home On Spacious Corner Lot In The Royal York/Eglinton Area! Close To Schools, Shops, …

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W2732715 – M9B – 4 HARROP AVE Toronto, Ontario – $ 649,000

Prestigious Neighbourhood, Quiet Street, Desirable Solidly Built 3 Bedroom Brick Bungalow With Large Principal Rooms On A Fully Fenced, Treed Lot, Gardens …

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