Blaming Toronto's housing 'mania' on first-time homebuyers is a 'red herring'

pulse

February 17, 2017 6:57 PM

Homes in Toronto have seen prices jump more than 20% in the past year.

A woman walks past graffiti which reads, "KA-CHING" near condominium buildings behind a lot of vacant land that is boarded up in Toronto.

Canadian home prices just saw the largest 12-month increase in a decade amid the ongoing housing boom in Toronto.

Recommended articles

politics Ex-GOP Rep. Ken Buck says he wanted to leave Congress 'about three weeks' after he arrived: 'It took me a long time to figure out how to get out of this place'
politics A GOP senator says Kristi Noem is 'done' as a possible Trump running mate after revealing she killed her dog
news A 9-year-old boy mistook a millionaire for a homeless man and gave him his last dollar, report says

Those watching the Toronto housing market have articulated similar arguments to that of Madani in the past. Mike Crawley from CBC News previously reported in November 2016 that analysts have noted that the "home-grown source of the surge in demand [is due to] investors who are buying houses not as a place to live, but as a place to grow their money."

pulse