Crumbling housing prices have touched off a financial crisis in the U.S.
Could the same thing happen here?
TORONTO, Sept. 25 /CNW/ - Some economists are tracking worrying trends
they say indicate a nasty real estate storm is brewing in Canada. As of last
week, Canadian housing prices were already down 7.3 per cent from where they
were in June. At the same time, sales volumes have tumbled, leaving many city
streets cluttered with "For Sale" signs for the first time in years. One
analyst predicts not just a slowdown but significant price declines in many
cities, particularly in the West.
According to recent studies, the Canadian market is already substantially
overvalued with some markets, like those in Vancouver, Victoria, Regina and
Saskatoon heading into the danger zone.
Maclean's senior writer Jason Kirby investigates what's really happening
in the housing market across Canada and why so many experts are getting
ALSO IN THIS WEEK'S ISSUE, ON NEWSSTANDS STARTING SEPT. 25:
- In an excerpt from his book, Relentless, Rogers Communications CEO
Ted Rogers offers five keys to entrepreneurial success fame and
fortune. Number one? Perseverance.
- The polls tell us that Canadians consider "the economy" the No. 1
election issue. Or is it? An exclusive Maclean's poll delves deeper
into public attitudes: on the economy in general, on their own
personal situation, and on their expectations of government. Andrew
Coyne argues the results indicate the election is unlikely to turn on
the economy, in a short-term sense - but that a broader debate about
our economic future would be very much in order.
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For further information: Louise Leger, (416) 764-4125,