Quote:
Originally Posted by Burninator
Canadian housing market faces U.S.-style bust: Shiller
The Canadian housing market could face a similar housing bust to the United States, particularly in more bubbly markets as Vancouver and Calgary, said Robert Shiller, the University of Yale professor who predicted both the 1990s stock market boom and bust and the US housing slump.
Mr. Shiller, co-founder of the S&P Case/Shiller Home Price Index, said psychology is the primary driver of bubbles and it appears that Canada has been caught up with home buying fever just as the United States and other countries around the world.
Asked whether that meant Canada could face a similar bust Mr. Shiller said: "Yes, especially in places that went up a lot like Vancouver and Calgary. I don't think Toronto has been quite as extreme."
http://www.financialpost.com/story.html?id=853094
Alberta Lead Slide in Housing
Alberta led all provinces in Canada with the biggest decrease in the average sale price for an existing home in August compared with a year ago, according to the Canadian Real Estate Association.
Statistics released Tuesday by the association show the average MLS sale price in Alberta dipped by 5.2 per cent to $343,148. The only other province experiencing a year-over-year price decline was British Columbia at 4.1 per cent to $421,685. At the national level, prices in August dropped by 4.6 per cent from a year ago to $290,347.
http://www.canada.com/calgaryherald/...e-4f20cccf4f06
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More sensational media reporting... Try to give this guy come crediablility, then name 2 big markets and pass the article to your boss..
You'd have to be stupid to not see the correction right now, and that it's correcting more in places that went up alot. Calgary/Edmonton had alot of in migration from other parts of the country and it drove up demand. I think the factors that drove up alberta's market were not the same factors that drove up some of the other markets. Alberta's market was undervalued to start relative to the national average. Job prospects are still strong in alberta compared to most other places in the country, and I don't see alberta becoming any less attractive then it was before, especially considering a surplus of housing, and greater afordability.
There are too many factors involved to just lay blanket statments and talk about largest declines. All it does is create drama and scare people into thinking we are the US. COMPLETLY different circumstances...