Over the past two years things have gotten even more dramatic. See the quote at the beginning of this post and then take a look at the chart below.
Oliver dismissing the idea that low interest rates spur people to buy homes they cannot afford is absurd. Torontonians make roughly the same amount of money they did two decades ago yet homes cost twice as much. Of course it has nothing to do with the low interest rates.
"I’ve said again and again we don’t think there’s a bubble" said the Finance Minister. Notice the word "think". It's not that they actually think that there's no housing bubble in Canada, they're simply stating their position.
Of course there is no bubble...
But what about the Toronto condo/housing market? What's the latest? Below I've updated most of my graphs with a little added commentary.