Canada’s real estate bubble

A new Vice article highlighted the issue of a possible real estate bubble in Canada.

Tsur Somerville, director of UBC’s Centre for Urban Economics and Real Estate, told Vice he believes the word is overused and that the Vancouver market is very fluid so it’s best to wait and see.

“Before the tax was announced, sales were already dropping year on year, so you had a bunch of things going on at the same time, which makes it very hard to make a bold declaration,” said Somerville.