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Give it some time and the Canadian housing market will also correct itself. Same for Australia where the situation is very similar to Canada's (i.e., asset app
by jbarham 15y ago
Give it some time and the Canadian housing market will also correct itself. Same for Australia where the situation is very similar to Canada's (i.e., asset appreciation bubble largely driven by a commodities boom).
As in most things, the Americans are just ahead of the curve. And as a Canadian who lived in Southern California from 2006 to end of 2010, I think our friends there who were finally able to afford to buy a house after the housing bubble burst would dispute your conclusion that the US housing market is "terrible".
- marvin 15y agoJust adding to this, the same thing goes for Norway...our home prices are far above the historical average when looking at average income and price growth. You'd typically pay somewhere around 8x anual salary to buy a home, and prices are still growing really quickly. There isn't consensus that there is a bubble in the housing market, but some economists have produced detailed and convincing analyses that this is in fact the case. The price growth has been fueled by low interest rates, immigration and low construction rates due to bureucracy.