Further to the article posted on February 20 featuring Warren Buffet’s outlook for the economy in the United States, here is an article that speaks about the Canadian perspective and how we’re not expected to suffer quite as much as our neighbours (or is that neighbors) to the south.
The article states that, according to the Canadian Mortgage and Housing Corporation (CMHC), the Canadian housing market is still strong and won’t start to mimic what is going on in the US right now. In fact, in 2007 there were 229,600 new homes constructed…a number which is the second highest in the past 20 years.
The only concern of speculators at this point is the possibility for interest rates to increase. That, combined with higher home prices, could affect buyer’s ability to afford homes.
If you’re interested in reading the whole article published by the Financial Post, please click here.