I have seen this movie before. Home prices went up like a rocket off the launching pad in late 1980s and everyone said it was different that time, and it was not a bubble, as the prices were supported by the fundamentals. Then, all of a sudden interest rates went up and the market collapsed and Ontario went into a tailspin which it could not escaped for years and produced the Bob Reay NDP government, which by its inane policies destroyed Ontario's economy. This is a lesson that only old timers like me can understand.

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