However the politics of it all is what gets people bent out of shape because this is when their politically held views (which are not always based on sound economic reasoning) on the economy and the role of government as whole in the economy itself may come under fire and this is when it gets very personal for some people.
You just said a whole lot of nothing, and likely was the most politically ideologically motivated and non-economically nonsense in this thread.
The great variances between the two economies in the housing market
has already been corrected and is economically grounded.
A prime difference between any housing crashes/adjustments in as Canada and the USA is simply put -- the rate of change. Due to excessive and widespread fraud affecting all geographic and wealth sectors of the US housing market, it faced a RAPID crash.
By regulatory control, the relatively few housing debters in Canada who are as overly extended and in combination with the lack in number of fraudulent banking products built upon unrecoverable products, such a similar CRASH is not possible here.
As stated, only a couple of geographically isolated markets have been priced higher and more rapidly than what the domestic, and to a lesser extent, the international buyer market may bear. Due to such selling prices, these can apparently drive the AVERAGE selling price of whack, thereby skewing a market. Except for but a few relatively tiny regions, these skews can be reasonably adjusted to a more reasonable market rate when looking at the MEAN housing sale prices.
In particular the markets of Vancouver and its immediate cities, that housing market has been driven extraordinarily high by international capital - mostly based by new money in China. That has been well beyond the domestic economy means and has certainly reached a peak with few anymore unremarkable detached homes (some having received media attention as tear downs) and condos facing immediate bidding wars of over million for what should be around ~$600-750k. Such excess can be viewed as a pittance for family money that cannot buy into such a lifestyle and location anywhere back in the home market for that money's origin.
This is relatively new wealth and has been a strong driving force in the rapidly more costly Lower Mainland housing market for just over the past decade. Recently, many individuals of such family wealth are realising that the source of that money cannot be as easily attained where they have now chosen to live. There its becoming closed to a saturation for those wishing to expend and needing to buy into the market. This, in combination with a realisation that the market has peaked, has caused a slowdown in housing demand and sales. Yet this is hardly a country wide event.
Doppel, Ducati, and others, you have greatly failed in equating proposed fears of a Canadian housing crash equalling that experienced in the USA.
Different markets.
Different market demands.
Different degrees and numbers for who qualified and received mortgages.
Different degrees and numbers of banks and their clients holding unserviceable debt.
Different rates in foreclosures.
Different rates in the growth for the supply of housing upon the market.
etc...
None of those points have you addressed. All that appears is a conceited barb of
'you'll get your turn too.'
On to a biting critique of US ideological culture and blame for your housing ills... You have proved too radical, corrupt, and greedy in segments of your economy. You have paid a price and this has brought much of the world down with you. Though not all down as far. Unfortunately you have not learned and adapted to correct the ills that instigated your housing crisis and global recession that followed. You have plenty to learn and hopefully adopt from more economically CONSERVATIVE (note - not in political party name or ideology but that of general culture and practice) states such as Canada.
[edit - well no editing.... This was entered on my phone (gotta love Swype)...not the best platform for content creation and correction...the above errors will be kept]
that the markets in Vancouver and Toronto are starting to cool down nice and slow.
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