The LA Times says Canada’s real estate market is “hot-hot-hot.” They credit: Low unemployment, a booming Canadian dollar (not sure about this one), and modest speculative buying.
In addition, they suggest the American mortgage “fiasco” can’t happen here. Well that’s good news! Apparently it’s because Canada has no “sub-prime lending market.”
Isn’t the Canadian subprime market growing at 50% a year?
Isn’t it tracking towards $20 billion in funding and an estimated 133,000 loans a year? Geez. Before you know it us Canucks will have a subprime mortgage market!
Hopefully that LA Times headline isn’t like the old BusinessWeek indicator. You know. Sell stocks when the market makes the cover of BusinessWeek. :)
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