Worries about a Canadian house price bust fade
The Canadian housing market is one of those things that doesn't make much sense. Prices are far beyond incomes and in the big cities price are out of control.
Just over a year ago, provincial and federal regulators made efforts to cool the market and for a few months it looked it the bubble could burst but a solid economy has halted declines and the last few months of prices have been better.
The latest numbers from Toronto show the average detached home in the city selling for $808,686, that's up 3.1% m/m in the third consecutive monthly rise from a trough of $752,203 in April.
One worry is that it's condo prices -- strangely -- holding up the broader market. But even among detached prices in the city, they rose to $1.344m from $1.342m in the month. They're still down 10% year-over-year so nothing is out of the woods but I just believe that if the bubble was going to pop, it would have happened in the past year.