[PeteMoss]

Originally Posted by CliffFletcher

But it can’t just be interest rates either. Japan has had rock-bottom interest rates for almost 20 years now and we haven’t seen real estate prices climb like they have here. Same with most of Europe.

Housing prices climbed steeply all over the developed world in the last decade. But they’ve climbed much steeper in Canada’s major cities (and a handful of others like Sidney and Auckland) than elsewhere. The Economist has written stories singling out Canada’s housing bubble, because it’s recognized as being especially egregious. Why? What’s different about Toronto and Vancouver compared to Vienna and Osaka?

What is your theory?