It's said that the difference between a Canadian and an American is that American's don't get offended when someone mistakes them for being Canadian.
But the reality is we Canadians are always striving to emulate our richer, brasher, more confident, globally influential American cousins in every way. Looks like we are working hard to catch up on this front too (two related articles):
Now why is it that house prices haven't started falling all across Canada, even though the heartland of the country is now in recession, and the rest is being held up largely by the mineral industries in the outlying regions?
Could this be the answer?
But the reality is we Canadians are always striving to emulate our richer, brasher, more confident, globally influential American cousins in every way. Looks like we are working hard to catch up on this front too (two related articles):
Century 21 Canada survey finds housing prices remain strong, stable across country
Wed Apr 30, 7:27 PM
By Eric Shackleton, The Canadian Press
TORONTO - A national survey by Century 21 Canada brokers suggests the Canadian house market has definitely cooled but hasn't suffered the big collapses that have been experienced in some parts of the United States.
In its 2008 Spring National House Price Survey released Wednesday, the real estate franchisor looked at typical homes in 198 neighbourhoods within 66 cities across Canada.
It found that prices over the past year increased in 167 neighbourhoods, remained flat in nine neighbourhoods and declined in 21 neighbourhoods.
The survey, based on multiple listings and sold and current listings data, defined a typical home as the type of home that occurs most frequently in any given neighbourhood.
The results, said Don Lawby, Century 21 president, "reflect the solid foundations of Canada's housing markets versus the boom-bust excesses of the U.S. housing market."...
Could this be the answer?
BoC governor Carney warns about loosening mortgage standards in Canada
Wed Apr 30, 6:12 PM
Julian Beltrame, The Canadian Press
(The Canadian Press)
By Julian Beltrame, The Canadian Press
OTTAWA - Bank of Canada governor Mark Carney is concerned about the loosening standards in the Canadian mortgage system, particularly the growing popularity of mortgages amortized over a 40-year period.
Carney told a Commons committee Wednesday that the central bank is watching developments in the mortgage lending sector closely to ensure that the abuses seen in the U.S. subprime market do not occur in Canada.
"We have concerns with the increased prevalence of very long amortization and higher value mortgage products," he said.
"They add to momentum in the housing market and if everyone has a 40-year amortization mortgage, then you just have higher housing prices." ...
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