If any of you are concerned about the news out of the United States regarding mortgage defaults and lender bankruptcies, this article about the Canadian Mortgage Market is very encouraging. You see, less than 5% of Canadian Mortgages are considered to be “sub-prime”, vs. 20% of the US market. Generally that just indicates that Canadian lenders are less risk tolerant, and more prudent in their lending guidelines.
To make a long story short, don’t panic. The Canadian mortgage industry is very strong right now and there really isn’t a housing bubble up here – even in Alberta!