mortgage renewal

[sunshine]

Recently friends of mine got their mortgage renewal. The renewal was easier than they thought. They said the appraisal was for more money than they could currently sell their house for. Does this mean that the housing bubble is still inflated?

[Canadian]

Recently friends of mine got their mortgage renewal. The renewal was easier than they thought. They said the appraisal was for more money than they could currently sell their house for. Does this mean that the housing bubble is still inflated?

Yes, the housing bubble in Canada is still alive, but is not well :). We are just in the beginning of a monumental slide inreal estate, which will be remembered for generations to come.

[trent]

The only thing keeping the Canadian housing bubble right now is the artificially low interest rates. However this will change sooner than most think. By the end of the year the interest rates will start rising and then the housing market will be finished.

[sunshine]

Yes, the housing bubble in Canada is still alive, but is not well :). We are just in the beginning of a monumental slide inreal estate, which will be remembered for generations to come.

Just what I suspected. Nobody wants to admit that we are no better than the US borrowers. With the rising unemployment even if the rates are low the real estate bubble will burst sooner or later...:(

[Canadian]

Just what I suspected. Nobody wants to admit that we are no better than the US borrowers. With the rising unemployment even if the rates are low the real estate bubble will burst sooner or later...:(

The housing boom is over, however the majority of Canadians don't know that or are simply in denial.

[trent]

I pity the fools who buy real estate while prices are that high and interest rates have never been that low. Lots of bankruptcies coming to Canada in the next 3-5 years.

[bullish]

I pity the fools who expect to see lower housing prices going forward.