NO BUBBLE TO BURST SAYS ECONOMIST

Jul 24, 2012

By Michael Kramer

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Toronto’s  growing forest of high rise condo towers are difficult to miss.

And talk of a price bubble ready to burst  is being dismissed by economists at Canada’s largest bank.

Royal Bank of Canada  senior economist Robert Hogue says prices will cool by between 2 and 7 per-cent in the next year but will not collapse.

He points to a rising population, a shift in the mix of available housing, rising rental demand, and strong interest in buying condos as investments.

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