Canadians like to define themselves by pointing out how they are different from Americans. We are seeing an incredible decline in the entire US housing market, with declining home values, negative equity, foreclosures, defaulting mortgages and so on.
Yet, how can Canada be so very different? Please read this report written by Will Dunning, Chief Economist to the Canadian Association of Accredited Mortgage Professionals (CAAMP). It does an excellent job of explaining the many ways the fundamentals here in Canada are supporting our housing market.
You know, we simply don’t allow for NINJA mortgages here – No income, no job, no assets!
Please let me know what you think about this report.