They've said its not going to happen, however, mainstream news is starting to talk about it.
This article reports Merrill Lynch's prediction that "Canada could be headed for a housing and mortgage meltdown similar to the one that has devastated the U.S. economy".
The article indicates the prediction could be on the pessimistic side, but offers no explanation as to why Canada might be able to avoid this meltdown. In fact, the article provides evidence that it might be just as bad as the US,"In 2007, household net borrowing amounted to 6.3 per cent of disposable income, a wider deficit than in the U.K. and not far off the peak U.S. shortfall seen in 2005".
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1 comment:
Yup, falling wages due to a dominant free-market ideology could definitely create a housing crisis.
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