Winnipeg Free Press
Recently, the Free Press ran a clever editorial cartoon depicting a home floating over the horizon attached to a balloon. Without having to say so, this cartoon represented the concern for housing prices currently taking place in Vancouver and Toronto.
There should be concern. The rapidly increasing home prices in those two major urban centres are quite astounding. According to the Canadian Real Estate Association, for the month of April, home prices were up more than 25 per cent year over year in Vancouver and more than 12 per cent in Toronto. Starter homes are increasing at an even greater pace.
Some are blaming this situation on foreign investment and are calling on the federal government to limit this influx. Others are calling for economic action. However, and quite rightly so, the federal government is not taking any knee-jerk actions.