(Source: Globe and Mail)

One of the enduring mysteries of the Great Recession is how Canada largely escaped the crushing home price correction that hit virtually every other Western country.

After a brief setback in 2008, Canadian prices resumed their upward climb. The average price of a house is up a remarkable 21 per cent in the past 12 months, reaching a new record of $341,079 in October….

…Compare that with the United States, where housing prices are down roughly 30 per cent from their peak. Even in Europe, values are off an average of 6 per cent.

The contrast is startling, and quite frankly, defies logic.

Read Barrie McKenna’s full article “Housing market has big cracks” in the Globe and Mail (December 15, 2009).

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