On July 15, 1988, Michael Salter wrote in the Globe and Mail on the hot, hot housing market in Toronto. Familiar echoes in this of the media frenzy now going on in Vancouver. The differences are almost as interesting as the similarities.
What rings the big bell for me is the analysis point that real estate was seen in 1988 as a good investment due to poor stock market performance.
Thanks to Tasmsin McMahon and Frances Bula for the tweety tip.
When that bubble burst, it took 13 years for prices to where they were at the peak.
http://www.trebhome.com/market_news/market_watch/historic_stats/pdf/treb_historic_statistics.pdf