Great White North’s Housing Boom Is Grinding To A Finish

Here is a collection of "Bearish" Canadian Housing Market News Articles, brought to you by the "The Housing Bubble" Blog.

Canadian Real Estate is starting to show signs of weakening and the Media is taking notice. If you have been following the US Housing Blogs you know that the MSMedia is usually a little behind when comes to reports on RE.

If Calgary is any indication of what is in store for the rest of the Canadian Housing Markets, there are going to be some unhappy people who bought at the top. Not to mention all the people that are counting on their new found wealth to retire, source of credit, etc.

Here's the Link to the Canadain Housing News Articles.

OUCH!! DOW below 12,000 others dropping.

S&P/TSX -192.20

13,168.24


DJIA -214.84

11,825.55


S&P 500 -21.56

1,282.78


Nasdaq -32.33
2,188.17

Canada vs US Housing

Canada:

FRASER VALLEY HOME PRICES REMAIN STRONG
IN FEBRUARY
(Surrey, BC) – With greater choice available, Fraser Valley home buyers continued to snap up properties in February, paying on average seven per cent more for a single family home compared to the same month last year.

The Fraser Valley Real Estate Board recorded 1,308 sales on the Multiple Listing Service® (MLS®) in February, compared with 1,413 during February of last year, a decrease of seven per cent. LINK

US:

Bernanke urges banks to forgive portions of mortgages
By Peter G. Gosselin and Marc Lifsher, Los Angeles Times Staff Writers March 5, 2008

WASHINGTON -- Saying banks must do more to stem rising foreclosures, Federal Reserve Chairman Ben S. Bernanke called on lenders Tuesday to go beyond trimming interest rates on some troubled mortgages by cutting the size of the loans as well. LINK