Here’s a nice article that should reassure you.
The housing market in Canada is forecast to fall, but not crash like in the US.
In fact the first three paragraphs each repeat that this will NOT be like a US style crash.
Canadian housing prices will fall 10% over the next several years and homebuilding will slow sharply in 2013, but the country’s recent property boom is not expected to end in a U.S.-style collapse, according to a Reuters poll.
The survey of 20 forecasters published on Friday showed the majority believe the Canadian government has done enough to rein in runaway prices, preventing the type of crash that has devastated the U.S. market for years.
“This isn’t a sharp correction, this isn’t a U.S.-style correction, it’s just simply an unwinding of the excess valuation that was created by artificially low interest rates for a long period of time,” said Craig Alexander, chief economist at Toronto-Dominion Bank.
“I would emphasize that while a 10 % correction sounds scary, in actual fact, this would be a healthy outcome.”
Just a gentle feather slowly drifting to the safety of the ground.
Read the full article here.