The study that Dave seems to be referring to is the March 20 special report “TORONTO HOUSING: THE HEAT IS ON, BUYERS CAUGHT UP IN THE ACTION”, which was actually written by Beata Caranci and Katherine Judge as well as Diana Petramala. Dave writes: “prices have not been surging substantially above the market’s normal range of growth for very long – just 15 months, Ms. Petramala calculates.” The authors seem to think that housing prices in Toronto started accelerating unacceptably in Toronto in 2016 and after, although the annual inflation rate for housing prices in January 2016 was 8.6%, down from 9.5% in December 2015. (All rates are based on the Teranet National Bank HPI for Toronto.) One might note that July 2015 would seem to be a more natural marker. This was the first month since August 2012 that the housing price inflation rate exceeded 8.0%, at 8.4%. It has been at least that high ever since.