It’s not just Vancouver.
Across Canada the condo market is looking a little peaked.
If this is a party the keg has run dry.
Toronto and Montreal are slamming the last of the jager and slurring. Vancouver is puking in the corner.
The last time we saw Whistler they were snorting white powder on the roof and screaming they could fly.
The hang-over for this one is gonna be a bitch.
It’s evident that the condo markets in Canada’s largest cities are in the midst of some sort of correction. That final chapter on this has not yet been written.
Here’s some advice. For investors, now that the condo party appears to be over, it’s worth wondering if anyone will be left with a hangover. If history is any guide, a hard landing in the condo market tends to hit those holding the financing on condo projects first and foremost.
That’s from this Globe and Mail article by Ben Rabidoux.
If you’re flustered by the Paywall at that site and you have some time downtown in the afternoon you may be able to hear it from the author himself.
Ben is doing a talk from 4 – 5pm at Canada place today on the future of the Canadian real estate market. Free pre-registration is required and we haven’t heard if there are still tickets left, but it’s worth a try if you’re interested in this subject.