03/26/2022
Canadian Real Estate:
Bay Street vet and economist David Rosenberg, who predicted the housing crash in 2008, said in Spring 2021 that Canada’s housing market was in a bigger bubble than that facing the U.S. prior to the subprime mortgage crisis.
“I’m taking a look at all the metrics I had in my hands when I called the housing bubble in 2005 and 2006 in the United States. I was looking at home price-to-rent ratios, I was looking at home price-to-income ratios, I was looking at the extent to which the household sector was overexposed to residential real estate on their balance sheet,” Rosenberg told BNN. “I’ve got news for you: the numbers in Canada, on all the metrics, are higher now than they were at the peak of the U.S. housing bubble 13 years ago.”...David Rosenberg