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Canadians pretend US-style housing crash won't happen to them

By Patrick   2012 Nov 1, 5:16am   491 views   0 comments   watch (0)   quote      

http://www.cbc.ca/news/business/story/2012/10/30/cibc-housing-tal.html

The news out of Canada's real estate market isn't good, but the country will avoid a U.S.-style real estate meltdown, CIBC said Tuesday. Economist Benjamin Tal said in a report that even recently released data about high levels of Canadian consumer debt isn't proof that there will be a sudden, big drop in home prices. "To be sure, house prices in Canada will probably fall in the coming year or two, but any comparison to the American market of 2006 reflects deep misunderstanding of the credit landscapes of the pre-crash environment in the U.S. and today's Canadian market," he wrote.

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