[WhipperSnapper]

Toronto rates in the Top 5 on just about every bubble list issued by investment banks. Anyone that thinks there isn't a whole lot of mischief going on or this is a normal real estate cycle is deluding themselves.

However the US has a long history of speculative overbuilding. It's common for rental construction to take off with vacancies well above ten percent and some markets have office booms above 20%. New office parks built on the edge of the urban area while office parks build on the edge 10 to 20 years ago are darkened.

The office market has tanked due to Covid in Toronto. That shouldn't come as any surprise. Only 30% of the workforce has returned to the daily commute. Another sign that this may not be temporary is from the CEO of CIBC who recently stated that continued remote working will be bad for business. I always find to bet on the opposite of his opinion. CIBC signing long term leases for a shiny new consolidated head office was likely on his mind too.