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Originally Posted by J pold
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First thought is that I am very familar with Shiller and he's been right a lot in the past especially regarding the 1987 market crash and the recent credit crisis/US real estate bust. I think you have to take him very seriously based on his track record.
That said, I am a strong believer that the Canadian real estate market is due for a significant correction but don't think it'll be as severe as the US. Rates will rise and we're a debt-ridden country but I don't see the same variables as the US.
Shiller is partially correct that natural resources have helped our recovery but a big factor also has been a fairly conservative banking system compared to our EU and US counterparts.