“Headline [housing price declines] reflect a current weighting for each city, which leads to a significant bias to the overall average price…the national headline number is down by close to 6% (year-over-year) last month, but if properly weighted, house prices fell by only 1%.” – CIBC economist Benjamin Tal
“There appears to be a good chance that housing will be more affordable in late winter due to a combination of softer prices and lower mortgage rates.” – Gordon Pape
Merrill Lynch economist David Wolf warns there is a “high correlation” between Canada’s home prices today, and those in the U.S. a few years ago. (Financial Post)
“The Bank of Canada will likewise ease another quarter point before year-end.” – CIBC World Markets
It’s not just the U.S. Credit markets around the globe are in desperate straights. Take the UK for example. They slashed rates 1.5% last week–which is almost unheard of. Only during the 1981 recession have they ever cut more.
“The worst part for the economy is largely still ahead of us. The speed at which things are deteriorating is alarming.” – Scotia Capital’s Derek Holt (TheRecord.com)