Quote:
Originally Posted by adam
A lot of young couples are buying houses in new subdivisions for over $600k in the GTA. They'll be in up over their heads soon enough. When the housing market crashes (it hasn't yet!) their value will plummet but they'll still have a $600k mortgage. This scenario will play out on a grand scale. There will be too many houses and not enough buyers.. prices will come down but interest rates will go up.
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A little too much doom and gloom. While I'll admit that some are in too deep, I think you are being a little too overly pessimistic.
We are not going to see a collapse like we've seen in the US.