New warnings on GTA housing market

There are some new warnings about the housing market in the GTA.

Bank of Montreal chief economist Douglas Porter says the Toronto housing market, and those in surrounding areas, are in a housing bubble. He says there's an extreme imbalance between sales and the number of listings.

One expert says the province needs to relax restrictions on the Greenbelt to allow developers to build more homes. Illinois-based urban-policy consultant, Wendell Cox, tells the Globe and Mail that unless changes are made to allow more supply, prices will continue to go up.

John Pasalis, president of brokerage Realosophy Realty Inc., tells the paper that buyers need to be cautious about what they're spending because prices are arguably going up too fast.

The average price for a home in the GTA hit  $770,745 in January, up 22.1 percent compared to the same month last year.