Spotted over at Paul Kedrosky’s Infectious Greed blog recently was this intriguing chart comparing U.S. home prices to that of our neighbors to the north, something that should strike at least a little bit of fear into the hearts of those in Vancouver and Toronto who somehow think that what they see happening around them is “normal”.
Aside from the source referenced in the chart, it’s not clear where the home price data comes from or how it’s calculated, but, it seems about right based on what I’ve been reading (of course, the Vancouver Olympics didn’t hurt the home buying mood). There is more similar data at the simple financial analysis blog, all of which would make me a little nervous if I were a Canadian counting on my home equity to finance my retirement.
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Hey Tim,
Mish has written about the Canadian real estate market a few times over the past year or so on his blog. He seems to think they will suffer the same fate as the U.S. eventually. I’m not sure on what scale he thinks they will crash. From everything I have read, it seems as though they will see a correction, or reversion to mean, in the major metropolitan areas. Of course I could be wrong since I know nothing about Canada or their real estate market.
Maybe disgruntled US citizens are fueling the Canadian Real estate market . Get while the gettins good before it all falls apart here . Nova Scotia looks good to me. Ya Think ? Just sayin.