The American View: Toronto's condo bubble risk is greater than New York City

As reported on Bloomberg.com, a sliver of land wedged between Toronto's elevated expressway and an off-ramp that pumps traffic into downtown may become the epicenter for a Canadian housing bubble.

In four years, this site that's now used as a parking lot and police impound near the shores of Lake Ontario will be home to Ten York, a 75-story glass building that would be the country's third-tallest condo tower.

Toronto has more skyscrapers and high-rises under construction than any North American city -- almost three times as many as New York -- stoking debate on whether the condominium market in Canada's largest city is headed for a U.S.-style correction as prices rise and household borrowing hits a record.

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