LOL, touche. San Fran has sillicon Valley though, and California has a bigger population than all of Canada.
Here's the thing the doom and gloomers on ET don't see with regards to bubbles and that is what's the price correction? A 20% even 30% correction is nothing given where prices have risen from since the early 2000s. Granted it's all leverage on leverage, but there's a bailout and life goes on. Keep in mind the Canadian market is nowhere near the size of the US market. I would love to see a massive drop in major Canadian city RE as I'm priced out but even so I really don't see anything more than a 10% drop realistically before the govt bails everyone out. BTW how many of you shorted HCG before the fact? If not this is all just mental masturbation.
I wouldnt consider 2 billion dollar market cap in the canadian market a "Small player" there is probably less than 100 companies exclusively operating in canada that have over a billion dollar market cap. Also in Canada we basically have 5 banks that run everything then a couple other players on the side like this place, its not like the states where there was dozens of these companies.
I definitely didnt, but i will be watching how it unfolds closely, more than anything id love to see a massive pullback in canadian banks to buy, that is the easiest money in the world if you can get them while they are yielding 10%, there is no way canadian government will let 1 of the big 5 banks fail. BMO, RBC, TD, CMC, RY I tend to agree pullback wont be as massive because the Canadian dollar is going down the shitter with the economy making it cheaper for foreigners to buy. but it could easily pullbaCK 10-20% flatline for years.
The last crash occurred early 1990's. Homes were dirt cheap in Toronto. I owned a home during that major correction. However, it didn't really impact on my life and long run I am way ahead.
Maybe you should learn to read instead i posted "LOL, Canada hardly even pulled back in 2008 cause we werent as over extended" not sure what part of that you failed to grasp.
That seals the deal! Based on this anecdote the Canadian housing market has nothing to worry about and all the mortgage owners should be able to weather anything that shows up!
This. lol... Canada of all countries. Do people honestly think there won't be a bailout if there is any semblance of pain? It's Canada. Sunny ways. They bailed out BBD. They bailed out auto makers, even when they're not a Canadian company because jobs, eh. Do people honestly think they will let 'homeowners' at large feel pain of any shape or form? On one hand, they play to populism about controlling housing prices, on the other hand policy makers are homeowners themselves on the wealthy end of the spectrum with lots of skin in the housing game. So they do a dance. They don't want the music to stop. Ideally their own house goes up another 100% in 6 years.