canadian housing market best in category who would have thunk it
News Posted On: 26 February 2010
In the first half of 2008, when the world was wondering just how much of an effect the collapse of the American banking system and property market could potentially have on economies and property markets the world over, no one would have dared suggest that the Canadian property market would be one of the least affected by the shockwave.
But that is the reality we are now faced with: Canada's banking infrastructure was much more solid and far better regulated than that across the border, and as a result the Canadian property market was among the first to bounce back from the crisis it was hit by.
It has been seen in several other countries, the high liquidity in the banking system, combined with the government stimulus, which was devised on a worst case basis, to create a liquidity surge. Low interest rates and incentives to buy housing have caused increased demand, and in a year when house prices around the world tumbled, Canadian property prices rose 27% last year.
In fact the Canadian housing market has faired so well that the government is currently having to take steps to cool it down. There is a worry that the low interest rates are causing people to borrow too much, and that they will struggle when interest rates do rise. While other countries have raised rates to deal with this kind of problem, Canada has promised no rate rises before June, and has had to take other measures to deal with the problem.
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