Relatedly, the Toronto housing market that kept shooting up even as the US hit its 2008 housing crisis now have hit their top:
https://www.bloomberg.com/news/articles/2017-09-06/toronto-h...
Places as far as Vaughan and Milton are expensive. We're talking decent detached houses (slightly above starter home) for over 1 million.
Rents are feeling it as well. I think the numbers just came out yesterday or today and an average 1 bed is about $1950. I've seen one bedrooms rent in this neighbourhood for upwards of $4000 a month -- again for the trendier buildings. And this is by no means the upper limit.
I remember approximately 2 years ago, when the average attached houses in the downtown were ~600k (usually 2 or 3 bed, kitchen, living, dining, basement, yard, garage). They hardly exist for anything less than 950k
Back then the average 1 bed rented for 1200 - 1500 a month. That's a long lost dream now.
It's just investors selling them to other investors until they, as a collective hive-mind, realise this and then investors will stop buying houses and the price will go down.
[1] http://www12.statcan.gc.ca/census-recensement/2016/dp-pd/pro...