So it has come down to this.

It was only a year ago that no one believed this would happen. There were a few, but the majority was in denial.


I have to admit I am starting to get really worried about the future of our Economy. It is pretty obvious that housing is taking a hit and it will continue for some time. Interests rates are up, investmensts are down, and people are holding on to their money. How long will this last??


Next year will be the tell. If things start to improve then we will be moving back up in a year, if things don't improve, in 2009, then it will continue for some time. How will all these bailouts effect the future? Are we in for massive inflation to pay for all this?

Housing market slowing down

Bank report says Saskatchewan to follow Alberta's lead in long-awaited cooling off

Eric Beauchesne, Canwest News ServicePublished: Friday, May 23, 2008

OTTAWA -- Canada's long-running housing boom has ended, with the formerly bubbling markets of Calgary and Edmonton already having gone from hot to not, and with the current hot spots of Saskatoon and Regina to follow, a major Canadian bank says. LINK

Homes market flooded by sellers

LORI MCLEOD

Globe and Mail Update

May 14, 2008 at 4:23 PM EDT

Home sellers flooded the markets in Toronto and Saskatoon last month, causing listings to surge to a record level in Canada.

The number of resale home listings rose by 17.7 per cent in April from the year before to 67,554 units on an unadjusted basis, according to data released Tuesday by the Canadian Real Estate Association (CREA).

Unit sales dropped by 6.1 per cent from the year before, but edged up by 0.8 per cent compared with March, on a seasonally adjusted basis.

Listings rose by a whopping 121 per cent in Saskatoon from the year before, the biggest increase of any city.

Sales fell the most in Calgary and Edmonton in April with drops of 31.2 per cent and 25.4 per cent respectively. LINK