You’ve probably heard of the Economist.
That magazine is the latest voice of doom when it comes to our housing market:
The magazine’s dire prediction comes as Canada’s mortgage brokers’ association is warning that the recent slowdown in home sales will continue and lead to large-scale job losses — though some parts of the country will continue to see growth in housing and related employment.
“A large bubble now looks set to burst,” The Economist predicts in its property markets report.
The U.K.-based business periodical found house prices in Canada are overvalued by 73 per cent when compared to rental prices, and 32 per cent overvalued when compared to household incomes.