Is this your achievement by making people fools? How long you will play this bizarre game.

Mortgages are going to double and house prices will only drop by 12 per cent More spin from real estate agents and banks I presume.

Canada did all it could in 2008 to avoid the woes that America and other were going through. We’re attached to the states by the hip whether we like it or not. They were suffering and to mitigate our own, we began 15 years of historic low interest, 40-year amortization (for a while), etc. anything we could; kicking the can down the road.

Pay the piper.

It didn’t though. Toronto real home prices in 1989 were the same in 2010. Sure, if you buy at the exact bottom of the market it always goes up for 20 years. Get caught at the top and you’re in for two decades of real stagnation.

Of this or anything like it happens for other than a brief pullback, watch them all day I told you so. That will, at best, be a misleading distortion of the truth.

He did say that. That was in the early phases of Corona where he subtly hinted that the Canadian economy is not an OIL economy anymore. Instead, it’s a housing economy where Canada’s economic output is closely tied with house prices and RE activity. That was really sad given that Central Banker was acknowledging it.

This bubble was fuelled relentlessly by free flow immigration started by Liberals in 2015 and never looked back. Check the price graph and you would find anomalies post 2015. Abnormal slope with historic average, steep rise in 2017 Mar, and then fall and greater inconsistent graph till 2020. After 2020, price graph went bonkers AND now liberals/central bankers are going to blame everything on WAR/INFLATION/CORONA. For me this is just the scapegoat.

I sold in Waterloo for 1.47 during the last week of March, and my old neighbor was just interviewing Realtors to list and was pretty disappointed that 1.21-1.24 was the target now. They have the exact same sqft but a finished basement (so 4+1), pergola, patio, concrete driveway, etc. It likely puts the value of the one I sold under 1.2. Also another 4 bedroom 8 houses down from mine went for 1.1, albeit it was 250sqft smaller.