Thursday, September 13, 2007
and now Canada????????
Canadian house prices at risk of dropping: report
3 thoughts on “and now Canada????????”
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Alan says:
While Canadian base rates are well below UK rates at the moment, the sub-prime chaos has affected all financial markets. As such, mortgages will (for a time) be harder to obtain, and more expensive. Some borrowers will be restricted in their borrowing amounts.
Houses will therefore become less affordable, and those wishing to sell will either have longer waits or will need to offer discounts (drop prices).
C'mon Correction says:
Quoted response at bottom of this article –
“Tony Windsor
Don’t know what the fuss is about. Look at the UK market and then tell me things are overvalued/rising too fast! A “starter home” certainly is not a 3 bedroom detached house on 3 levels over there.
How lucky we are in Canada (in more ways than one)! Something none of us should forget.”
Look how the UK Sheeple and our williness to pay through the nose for houses is viewed by others around the world. The UK public has been seriously stupid in thinking that UK house prices at current levels are sustainable !!!
dbnazz1 says:
C’mon Correction…
Couldn’t agree with you more. It has largely been mentioned in press about poor lending management by the lenders, well the lenders don’t force people to take out huge loans. I am
afraid that there is a herd mentality that exists accross the mass of our society and I know of a lot of people who have taken out such large loans beacuase they assume that house prices will continue to rise because other people that they know also think that house prices will continue to rise. Thus it’s OK to take out a large loan.
I think the majority of people in the Uk are far to accepting. A have posted a couple of times on this site that in other countries the house prices that are applicable in the UK wouldn’t be accepted elsewhere. But the herd mentailty that seems to exists means that the mad prices in the Uk are just accepted.