How different is the Canadian experience from the conditions that caused the US housing meltdown? According to Garth Turner, Not enough.
"Imagine listing your home for sale, but there are no buyers. You drop the price. Again. And again. The house across the street’s now for sale. And the one two doors down, plus a dozen others in a two-block radius. Nothing’s selling, and every time one home is reduced, all are affected. This property used to represent wealth. Now it’s a wealth trap. Most of what you have is here, and with each day passed, it diminishes."The boom goes bust — Greater Fool - The Troubled Future of Real Estate
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