Any boom created by excess credit will always bust. And our housing boom was created by excess credit. CMHC has gone from $100 Billion in 2006 to $600 Billion today.
Canadians are in debt to an extent never before seen in Canadian history.Much of this debt is invested in home ownership.
In 1980 the ratio of household debt to personal disposable income was 66%; that ratio is now in excess of 164%.
It doesn't require a sage to foresee where we are headed.
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