[cdr108]

But many people argue that "Canada is different", it could never happen here.

just like it could never happen in NYC b/c land is in such short supply, [insert whatever typical reason is usually touted by RE pump and dumpers], etc

 

[KA1]

While economists disagree on the future status of the market based on what we see with our clients, we believe that the market near the bottom and see a moderate recovery in the autumn. Shortly thereafter, we expect the market equilibrium in which buyers have the time to compare the properties and sellers of fair value is still within a reasonable time.

I am sure condo George will agree with this statement. Others? I am not so sure.

 

[interested]

While economists disagree on the future status of the market based on what we see with our clients, we believe that the market near the bottom and see a moderate recovery in the autumn. Shortly thereafter, we expect the market equilibrium in which buyers have the time to compare the properties and sellers of fair value is still within a reasonable time.

Welcome to the forum:

When I hit your Goochland foreclosures, I notice we end up in the NE US. I believe with comments such as the market is at a near bottom are location specific and I believe we would all agree that the US and Canada are at different points in their market cycle.

As for the US, I believe it is in for a second dip, nothing like the first but 5 to 10% further adjustments. You have direct client access but I have spoken to a couple of realtors in Flordia and 1 from Boston area in the past 3 years yearly. Each one of them believed it was temporary and would be over shortly. None foresaw what happened. This winter in the US was aided by tremendous US Government support. It remains to be seen if the US government will introduce further supportive measures for houses but failing this, the headline numbers certainly do not suggest a near term recovery (in Autumn) but rather the opposite. I hope for everyone's sake your experience recently/predictions will turn out to be the norm and correct.

Canada is at a different stage. We had about a 10-15% rapid drop in Toronto followed by a rapid recovery to higher levels than prior to the drop. This is in the process of rectifying itself again. Prices in Toronto dropped 3% month on month from June to July and we await August final figures but I presume they will be stable or down another 1-2%. However, we will know soon enough.