The Globe and Mail hosted a frank and lively web panel with TD Bank economist Pascal Gauthier about the Canadian real estate market this week. This after the latest Canadian Real Estate Association statistics showed a decline in sales in June offset by a year-over-year increase in prices. The two markets where the sales decline were most notable were Toronto and Calgary.
The report prompted radio newscasts to conclude that "the air is coming out of Canada's housing bubble" and other such trite, go-to formulations.
Read Gauthier's web chat for yourself, and see if he thinks there's a bubble in the Canadian housing market.