Someone made this comment on a frontpage article regarding Canadian RE , pretty cute.
I love how dumb ass Americans like to comment on the houseing market in Canada. Here are a few facts that might help put some light on your ignorant bubble statement.
1. In Canada interest on your home mortgage is not tax deductable as it is in the USA. Therefore there is no incentive for uneducated sheep to continue draw home equity out of their homes to buy boats and toys just to save on their tax bill.
2. Canadian banks do not lend to unqualified (subprime) buyers. Also Canadians do not accumulate unnecessary toys boats bikes etc.
3. The real estate prices in Toronto and Vancouver are mainly being driven by cash buyers. Therfore, there will not be a courthouse front step auction like you had all over the USA.
4. Canada's growth has been driven by a sound economy based on both resources and manufacturing, not a retail and consumption driven economy.
5. Vancouver, BC has one of the lowest corporate tax rates in the world. Driving further investment from Asia.
6. If Vancouver's market is a bubble, I guess its the biggest bubble in history because its been going on for over 100 years.
http://thedependent.ca/featured/land-de ... vancouver/
7. Is New York, London, Hong Kong, Sydney, Melbourne, Singapore, Auckland and Wellington all in the same bubble created by Carney?
Read more: http://www.businessinsider.com/canada-h ... z2DY1OQdrL