In a client note he wrote: On one end of the spectrum, residential construction activity is in outright recession, while on the other, new construction has flared well above past highs.” He cautioned: “We’ve long been defenders of the Canadian housing market against the rabid bears, but activity in Vancouver at least is making that case a lot tougher to make.”
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The high demand for condos in Toronto and Vancouver is fuelling talk of a housing bubble. The latest stats on housing starts show high levels in BC but low levels in the Prairies and BMO Capital Markets economist Robert Kavcic is warning of the disparate Canadian housing market.