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08-22-2012, 05:46 PM
Join Date: Jun 2012
Location: East Van!
Originally Posted by
Great post, you explain yourself very well
A correction is definitely in order, though comparing it to what happened in the States is a big exaggeration. It'll be a slow correction as economies recover and interest rates rise, housing prices will stagnate or drop slightly. We aren't likely to see interest rates rise quickly, so it won't be anywhere near as drastic as it was in the States imo. We also have much tighter mortgage rules etc.
The first time I heard the term "sub prime", I thought it referred to the mortgage rate and not the borrower.
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