Bubbles Are Bursting in Two of the Largest Housing Markets

Will the Central banks cave on their inflation mandate in the eyes of weakening economic data? The Bank of England just raised interest rates 50bps and says a recession is all but guaranteed for the fourth quarter and that it will last well into next year. The Canadian housing market continues to roll over, with both Vancouver & Toronto Real Estate markets experiencing multi-decade lows in housing sales. Toronto house prices dropped nearly 4% in the month of July. Financial stresses continue to escalate.

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