For those saying a fall off the cliff is inevitable and the Americans have the experience to see it, what are you basing this on?
Your essentially saying all of Canada would crash as all of the U.S. did.
I feel our governing is much more air tight than the system which led to a US housing crash. Just this week we see more regulations put in place which will help protect future "cliff falls". Between the CMHC changes and mortgage lending changes, prepare to pay an extra 4-5k for a average home in fees within a few months.
Instead of all fees being waived, 0 down (US) they price many people out or force them to wait for a larger DP.
Why can't Toronto and Vancouver crash (commonly referred to as the 2 most over valued markets). Why can't Calgary crash this year, stabilize next while Vancouver sees a massive pull back on investment properties and it crashes and then 6 years from now, the leafs make the playoffs, everyone goes bankrupt paying for playoff tickets and torontos market crashes.
All I am saying is that a universal Canada wide crash is not needed. Those who say there is a bubble are correct however I have heard "it's going to crash" long enough that yea, one day your prediction will be right and you are also going to be the type of person to tell everyone you saw it coming. Had you listened to your own advice from 10+ years ago and been renting all this time, let me know if you came out on top when said bubble does burst.
For the record, you can say it's a conflict of interest due to my profession however my prediction has been very consistent from the start and I feel I give a pretty unbiased view. Despite Remax or CREBs prediction, I see a 3-5% correction. As someone explained above, this will feel like a 6-10% correction to owners who are used to 10% gains.
I'm going to update my market trend thread today as the newsletter is ready... The doom and gloom crowd won't be happy but I am sure we will keep hearing that it hasn't started yet. (By doom and gloom crowd I refer to those saying 20%+ corrections are a sure thing)
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