The problems in Canada are very similar to the US housing crash, we were just saved by a lowering of interest rates in 2008/9
Our home prices are out of control and going lower for the next 5 years even in a moderate oil recovery. Credit will not be easier to come by in the next 5 years as the previous 10. No more 40 year, zero downs, 35 year amortizations are now difficult. Down payment requirements going up and amortizations going down.
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