As Toronto goes, so goes the nation:
An overbuilt and overpriced condominium market is posing a risk to the economy, the Bank of Canada warned Thursday in its latest review of the health of the country's financial system.
The central bank particularly singles out the Toronto condo market, which it notes continues to carry a high level of unsold units in both pre-construction and under-construction phases.
It urges policy-makers to continue monitoring developments in the sector, saying it is "working closely" with federal authorities to maintain an ongoing assessment of risks.
I'm sure this will improve the city's image.
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