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The CEO of Canada’s largest bank says it is time to consider bringing measures that cooled Vancouver’s sizzling housing market to Toronto.

Dave McKay, the chief executive of Royal Bank of Canada, cited a “somewhat dangerous mix of catalysts” in Canada’s largest city, such as ultra-low rates, lack of supply of single family homes, speculation, and foreign money coming in at an increasing rate since Vancouver instituted measures to dampen its market, including a foreign buyers’ tax.

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“You’re seeing 20 per cent house price growth in a market where you shouldn’t see that much,” McKay said in an interview. “That’s concerning. That’s not sustainable. Therefore, I do believe we are now at a point where we need to consider similar types of measures that we saw in Vancouver.”

The surging housing market in Toronto, along with geopolitical uncertainty in the U.S. and Europe, may be the only things that could give RBC’s chief executive pause these days.