This CBC report aired in November 2014 (hat tip Ben Rabidoux) when West Texas Crude was still $80/barrel and most Canadians had no idea of the financial stress about to hit the economy. Over-valued real estate, over-indebted households and companies, little cash savings– not prepared to weather a downturn.
The Condo Game examines the forces at play behind the fastest moving condo market in North America – Toronto – and discovers that the glittering glass hides a sea of troubles. The first startling revelation for many people will be how very much the condo market is focused on investor profit, not affordable housing. One expert even says that it’s really not a housing market but a commodities play. And that means that average Canadians, looking for a primary residence, are inadvertently joining a game for which they don’t have the rule book.
Although the documentary focuses primarily on Toronto, as it unfolds warning bells will be ringing loud and clear for cities and condo-owners across Canada. Here is a direct video link.