Quote:
Originally Posted by Sylvanfan
I see the Toronto real estate market had a record May. If that house of cards falls it will drag down the entire economy. With that marketwhere it is, I haveto think a .5% increase in rates could be catostrophic for the economy.
Whatever is happening in Calgary or Alberta for that matter is pretty insignificant.
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Another thing that is interesting and potentially troubling is the news from Scotiabank this past week. They are taking a cautious position on lending in Vancouver and Toronto and have been cutting back on their mortgage positions in those markets. The CEO has also apparently been talking with the folks in Ottawa about increasing the requirements for down payments again. They seem to be moving towards a bursting bubble position.