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May 19, 2010

While the US is Canada’s neighbour to the South, we have experienced very different housing markets over the past few years.

According to The Street, an American online publication:

  • Canada’s real estate prices have increased on average 40% in the last year while incomes have dropped.
  • Canadian residential real estate is now worth more today than it was pre-Lehman.
  • There are now more dwellings built in Canada (assuming, as the Canadian government does, that an average of 2.3 people live in each dwelling) than the population of Canada.
  • Canadian consumers have racked up enormous debts while interest rates have been low over the past 20 months.
  • Personal bankruptcies are at record levels now in Canada when interest rates are still at historical lows.
  • In Vancouver, people now spend 68% of their disposable income on housing. In Toronto, people spend 44% of their disposable income on housing. (Keep in mind that the China bears were complaining that it was unsustainable that some Chinese in Beijing and Shanghai were spending more than 30% of their disposable income on housing.)

Want to hear what some American’s think of the Canadian real-estate market? Check out the full article in The Street here.

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