'So, what's the result of over 100 years of ups and downs in the housing market? The bottom line, somewhat surprisingly, is that the average annual price increase for U.S. homes from 1900 to 2012 was only 0.1%/year after inflation'
'Interestingly, you could make the case that, after adjusting for inflation, the long-term trend for housing prices has been essentially flat.'
http://observationsandnotes.blogspot.co ... -1900.html
Is the GTA somehow 'different this time' than the U.S. housing market?