Toronto wants to position itself as a 'world class city". Guess what folks....real estate in Toronto is still a BARGAIN compared to NYC, London etc.  That's why foreign (China, Iran) investors are flocking here by the thousands. Trust fund baby Morneau clamped down on first time homebuyers with his mortgage qualification rule changes........simply put, the government should stay out of the housing market. We live in a capitalistic system for a reason. Let the bubble burst....market corrections will punish speculators and foreign investor way more than regular Canadian homeowners. Just like a forest fire...necessary every few decades to promote new growth.