Canadian real estate correction was side-effect of recession, not cause, while U.S. market still faces challenges, report says

(Source: Globe and Mail)

While it’s tempting to think of a “housing correction” as a continent-wide phenomenon, National Bank Financial says the Canadian and U.S. markets couldn’t be more different.

“The two have absolutely nothing in common,” senior economist Marc Pinsonneault wrote in an economic update Monday. “In Canada, the correction got under way much later and lasted nowhere as long.”

Read Steve Ladurantaye’s full article “Why the Canadian housing market didn’t crash” in the Globe and Mail (October 19, 2009).

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