Canada’s hot housing market now cooling off
March 16, 2010
Below is an article published in The Vancouver Sun by Paul Vieira, Financial Post on March 15, 2010:
‘Clear signs that some self-correcting mechanisms are starting to take over’, says noted economist.
OTTAWA — The once red-hot housing market — which several observers warned last month was in danger of turning into a bubble — is showing signs of losing steam as new listings climb and affordability begins to tighten, data released Monday indicate.
Concern that real estate prices were entering dangerous territory — spurred by record-low interest rates — prompted the federal government to introduce new rules last month governing mortgage eligibility, intended to target “reckless” speculators. The rules are set to kick in April 19, but it appeared a cool-down in real estate activity has already begun, data from the Canadian Real Estate Association suggested.
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