Many are now saying the the Canadian housing market bubble is finally popping, or at least slowing down.
British Columbia Real Estate Association recently posted a decade low in home sales for July. They showed a 37% percent drop from last year. Actual home prices only lowered .5% though.
But it appears the decline in the housing market there is more a result of a consumer drop in confidence, in part due the high energy prices rather than the mortgage industry fiasco.
The Scotia Bank put out a report in the 2nd quarter that showed that much of the home loan market in Canada does not rely heavily on ultra-low teaser rate mortgages that have contributed so heavily to the mortgage crisis in the US.
This downturn is not predicted to be a major slide, as the current boom was based on a sound economy, with homes not being over-valued and little speculative home buying.
