Sorry to end the love-fest that is the last post, but the news waits for noone. Today the Globe is reporting that Housing sales hit a 20-year low.
The selloff in real estate has morphed beyond a correction of overheated individual markets into a broad national slump, with prices posting their worst decline in nearly 20 years in November.
In the face of a collapse in consumer confidence, the number of resale homes sold in Canada plummeted by 42 per cent year-to-year to 27,743, the lowest level since January, 2001.
I haven’t followed Benjamin Tal’s comments as close as most here, but I’m guessing his tune is changing somewhat:
This is clearly a market that is extremely risk averse, and this is not the ninth inning of this game, this is just the beginning. I think that any hope of a quick turnaround … is misguided.