Pick up any newspaper today and no one
could blame you if you got a little worried about the
state of the economy or the fear of a pending market
correction in Canadian real estate. What if Greece
defaults? What about the “fiscal cliff” in the US? Are
Canadians taking on too much debt? Have mortgage
rules gone too far? Is there a housing bubble about to
burst? What if there is a market correction?
The real question is, do Canadian homeowners or
prospective buyers need to be concerned? Every time
there is talk about a market correction in Canadian real
estate, the tone is quite negative. But let’s take a closer
look at that situation: rather than argue about whether
we may have a market correction, let’s analyze what it
really means to Canadians if there is one.