Quote:
Originally Posted by cmyden
Yep. A natural cycle.
Here in Canada, we're watching the same movie, but with different actors playing the roles, and we're being treated to the director's cut alternative ending where the main character is kept alive on life support, instead of being allowed to die mercifully.
And up here the pain is likely to be spread out more evenly across the tax base rather than concentrated more fiercely on the ones who chose to partake in the recklessness.
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I think we'll most likely see a correction, but it's not the slam dunk you make it out to be that we'll have a real estate bloodbath, especially without knowing exactly where interest rates are going over the next couple years. The differences between our situation and the States are as many as the similarities. At the same time, I would be very cautious to buy a place right now that I didn't think I would be in for 5-10+ years.