Quote:
Originally Posted by flamey_mcflame
Hmm..check the interest rates in Canada at the during that time frame. Interest rates caused by Reaganomics. People's houses dropped in value because people couldn't afford the new rates being charged for their mortgages. People walked out of their houses causing the housing industry to slump which caused lower housing prices. Its a bit like the ARM's in the US today. If there is a glut of real estate on the market, the price of real estate goes down.
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Right, that's why Calgary and Toronto's house prices were equally effected.