Toronto housing bubble
Multiple metrics show rate increases aren't slowing down home sales.
The average price has declined by $175,000 since its peak earlier this year.
A strong economy can't explain the Toronto region's house price growth, the bank says.
Toronto is no longer a "seller's market" and is now "in balanced territory."
The rules will tackle the affordability problem buyers and renters are facing.
The average sales price of a home in Canada reached $548,517 in March, up 8.2 per cent in a year.
The province's finance minister fears speculators are crowding out actual homebuyers in southern Ontario.
By the time the public realizes it's a bubble, it's already over.
"A little bit of air has been let out of the bubble."
Stephen Poloz doesn't think Toronto's housing market is sustainable.