This is unreal..

http://www.nytimes.com/interactive/2008/09/15/business/20080916-treemap-graphic.html

Here it was projected yesterday on the CBC.

http://www.cbc.ca/sunday/2008/09/091408_1.html

Well portayed for the Canadian Public. How it brought down so many seniors and their dreams and hopes.

Freddie.

http://www.greaterfool.ca/

Canadians should prepare for a drop in average home prices of between 15% and 40%, depending on the market, he says. Turner also points out prices in some markets, such as Calgary and Edmonton, have already plunged by more than $40,000, while the number of homeowners trying to unload their properties has soared.

“Today’s report by Merrill Lynch economists David Wolf and Carolyn Kwan is just further tangible evidence,” Turner says. “Canadians have taken on a personal debt load which is simply unsustainable, and has been encouraged by government policies in this country no better than those which allowed the subprime mess and the credit crisis in the States to develop.”

http://www.canada.com/calgaryherald/news/calgarybusiness/story.html?id=71515315-d48e-4ce8-8dbb-a443122c30de

Housing market feels fall chill

Two prominent economists warned Wednesday Canada's housing market is at a tipping point and could trigger a financial meltdown that would mirror the unprecedented crisis gripping our neighbour to the south.

"We fear . . . it may simply be a matter of time (before) . . . housing and credit markets in Canada crack," said Merrill Lynch Canada Inc. analysts David Wolf and Carolyn Kwan in a note to clients. "Markets remain overly sanguine with respect to the prospects for the Canadian housing market, the financial sector and the overall economy."

Locally, some real estate players are carefully watching stretched household finances coinciding with falling real estate values, worried the squeeze could steepen the descent of a falling market -- or worse.

"There's definitely some concern -- prices in Calgary have been on a downward trend for well over a year and inventories are high," said realtor Gary MacLean of Re/Max Real Estate Central Calgary. "If there's a downswing, Albertans will get hurt the most. The fact that people are over-extended and leveraged to the max should be of concern to everyone."

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In next 3 months:
Election over,
Winter will start,
Oct 15th mortgage conditions,
Credit market will be worse and does not matter what Bank of Canada do.
Inventory pile up

Q: What other experts are thinking about next 6 months?

My take: Dec 2008/Jan 2009 market data will bring Canada nearest to USA and Calgary is heartland of crash. Yes, crash with lowest unemployment rate here. GTA will be following Calgary.

Now I see the fear is gripping the Canadian credit situation too., even Mr. Harper seem to keep changing his own statement as the situation worsens. The housing prices went on roof in last decade and has to correct otherwise the much challenging economy (US dependent!! Yes) will derail the ability for many to pay the mortgage.

Rahul, you are most likely to be exalted to be a financial soothsayer of Canadian side. What do you think about India ? It will be one of the hardest hit from my perspective. You know how much prices went up in India... keep counting..

-----------------------------------------------------------------
The cowards never started,
The weak died on the way,
Only the strong arrived.
http://www.youtube.com/watch?v=_yK1i9cLAMM

One more bank has to bite the dust today, WaMu being one of the largest bank of US will cause tremors in the industry despite the fact that it was known to everyone that this bank was sinking..

-----------------------------------------------------------------
The cowards never started,
The weak died on the way,
Only the strong arrived.
http://www.youtube.com/watch?v=_yK1i9cLAMM

Quote:

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Originally posted by ftfl



Here it was projected yesterday on the CBC.

http://www.cbc.ca/sunday/2008/09/091408_1.html

Well portayed for the Canadian Public. How it brought down so many seniors and their dreams and hopes.

Freddie.

---

http://www.yourhome.ca/homes/article/506392

Credit crunch hikes Cdn mortgage rates:
TD, BMO, Laurentian hikes linked to bailout's bond market impact


http://www.greaterfool.ca/

The Canadian market is doing exactly what I forecast. This will continue. Declines in prices of 10% or 12% in Alberta will become 20% and 25%. Vancouver ultimately will be even harder hit, and Toronto values will drift lower at the end of 2009 by about 15%. Some neighbourhoods, far more.

The deniers will keep it up. You could hear more of that this week on CBC and CTV, as the bank economists and hopeful, battered, savaged realtors were trotted out to bolster confused consumers. Hopefully, Canadians will trust their sense that all is not well, and avoid being talked into a purchase at the very time when equity is most at risk.




New economic climate puts chill on Toronto real estate prices

Average house price in the city of Toronto
Aug. 2006 $344,419
Aug. 2007 $381,681
Aug. 2008 $377,990
Volume of sales
Aug. 2006 2,706
Aug. 2007 3,243
Aug. 2008 2,437
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I think if people still have doubt about phone RE economy, credit crunch, mortgage rates then greater fool category is not available. You may qualify for greatest fool category.


JRF: This is my personal thought about India and Dubai. It's time to sale all housing investment that was bought for purpose of making money. Greater Fool in India are not aware about whole credit mess and foreign investment problems. All whites are not rich who look rich.