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03:27 PM
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The Biggest Housing Bubble Is In Canada
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[quote:Popo21 10738580:MV8yMTIwMzgwXzM3NTE4ODcwX0E1MzVCRjE=] I work in Canada for a mortgage/finance/realty corp and my boss is on one of the main property boards. There is not a bubble that will burst in Canada. The first reason is that CMHC has always kept mortgage requirements quite tight and in line with our economy. This means that pretty much everybody who owns a house can afford to pay the mortgage, preventing widespread defaults like in the US. Second is the widespread immigration. Sorry to tell you, but Vancouver and Toronto will never collapse because there is an infinite number of immigrants trying to get here. My cousin was just trying to buy a small condo downtown and he ended up renting because every condo would wnd up going for 30k more than asking due to demand. Third is industry. Canadian companies are smart about putting HQers or plants in less populated areaa to not only save themselves money on the cost, but attract workers to cheap housing as well. If you look at Waterloo, prices 15 years ago were quite cheap as there wasn't much development there aside from the university. RIM put their HQ there, as well as some other companies, now prices have doubled. [/quote]
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I thought it was China but apparently not...
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