Good article.   I am suspicious of comments by short sellers,  who obviously have an interest in talking-down a stock's value,  sort of the opposite of pump and dump operators.    They make a living from other investors' pain.    And what exactly would cause a major decline in Toronto's housing prices?  There is no sign of the bubble bursting and even a decline of 10%  would only make a small dent in the massive value increases of the past couple of years.   Nobody is going to default on a mortgage taken three years ago on a house whose value has risen 50% since then and which could be sold in a few hours at a huge profit.     What we need is more info on the quality of HCG's mortgage portfolio,  which seems to be strong.