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Canadian Real Estate: No Signs of U.S. Style Meltdown | Add Comment

    • RE: Canadian Real Estate 1/22/2009
    This PWC report has its head buried in the tar sands. This report may have been valid based on data from early 2008, but recent declines in the oil price will put a huge strain on employment numbers and people are already leaving Calgary from where they came as jobs dry up and rents remain high. Lower commodity prices and demand from US are going to crush the Alberta economy and real estate prices will be crushed along with it. If you ask me, Canada is only one year behind the US real estate trend - maybe declines won't be as treacherous, but just look at the latest MLS stats at www.creb.com and you'll see that inventories are skyrocketing as speculators, renovators, and "real estate investors" hurry to unload their "investments" as quickly as possible while there is any equity still left. The PWC report seems like it was written about six months ago and has not woken up to reality.

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      • Realities of the Canadian realestate condition 3/25/2009
      Just wondering what they are smoking on Parliament Hill and the Bank of Canada these days. To suggest that we will be in economic recovery by the last quarter of 2009 is not only stupid, but a dangerous message to send to the public. I understand that our half witted politicians want to avoid panic, but why not tell the truth for once and allow the average Canadian to be prepared for what's to come. Exports account for 40% of our GDP and fully 86% of Canadian exports (worth 33% of our total GDP) are shipped to the US. Therefore, if you will excuse the analogy, when the US passes wind....we apologize. At present in the states of Arizona, Florida, New York and California, real estate can be purchased for 30% of what it was 1 year ago, not to mention states like Michigan where you can purchase serviced city lots for under $5,000. To forecast anything less than a 45% collapse in the overpriced realestate in Canada in the coming year, is something that I expect to hear from a biased and paniky real estate association. We have barely started this economic downturn and far worse is yet to come! Being involved in the mining, forestry and oil industries as a supplier, I can tell you that along with fisheries they are all suffering and digging in for a long and painful time ahead, although our bureaucrats have all but murdered the forestry and fishery sectors through their incompetence and mismanagement. Now is the time for Canadians to wake up and change the way we operate, by cutting the civil service substantially, ridding ourselves of professional politicians, cutting government waste via quantifiable accountability, simplifying our tax code and in general returning Canada to it's much deserved former glory.

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