CRASH AND BURN
The housing bubble has burst, and few Canadians will emerge unscathed.
It’s not just Vancouver where realtors’ BlackBerrys no longer buzz. In Toronto, the city’s once insatiable demand for living in 650 sq.-ft. glass boxes has evaporated overnight. Condo sales are down by 30 per cent, while prices have fallen by 4.5 per cent. Some proposed projects have been put on hold, while some angry investors—like those who bought luxury suites at the Trump International hotel—are desperate to get their money out, and have turned to the courts. Even the Bank of Canada, which has helped inflate the bubble by tempting Canadians with years of rock-bottom interest rates, has issued a rare warning about the risks posed to the broader housing market of too many condo developers in cities like Toronto and Vancouver chasing too few buyers.
A housing correction—or, possibly, a crash—is no longer coming. It’s here.
http://m.publishing.rogers.com/macleans/share/2013-01/06a_biz_housing.html
最后编辑: 2013-01-05
