For now though, Porter sees further gains for Vancouver and Toronto’s selling season due to low mortgage rates and demand. There will also be gains for the cities around each of the two hottest markets.
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Doug Porter, chief economist at BMO, says that predicting when the housing bubble will burst is “half the challenge” of forecasting. In a client note Porter said that those who have been calling for a crash for the past 8 years haven’t managed to get the timing right so far but concedes that “Da Bears may some day be right, especially on the hottest markets.”