huckstersfriends at Royal Lepage have issued a press release titled, “Correction, not crash for Canadian real estate market in 2009; Average house prices forecast to fall 3.0 per cent”
You can find the reassuring news here.
Up next, why Joe the Used Car Salesman says it’s a great time to buy a car.
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.
Housing sales hit 20-year low as real estate slump widens
The Bank of Canada is warning of severe economic turmoil, including the risk of many Canadians losing their homes, if the financial-market crisis worsens.
It’s different here, no?
But don’t worry…
Banks are somewhat insulated by mortgage insurance
Thank goodness for that, or we’d all be in real trouble.