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Old 11-05-2008, 07:09 PM
trent trent is offline
Senior Member
Join Date: Jun 2008
Posts: 387

I don't think any sane financial institution will offer 0% down mortgages in a real estate market that is rapidly going down. Look at the sales in major Canadian cities like Toronto, Vancouver and Calgary for example, and the picture is not pretty.

The Toronto Real Estate Board released their October 2008 report and the prices are down 13% year-over-year. Furthermore the sales declined 38%! This is an outright crash.

I think that in a very near future Canadian will find out that it's hard to get a mortgage even if you have 20% down. But who am I kidding, what percentage of Canadian homebuyers have 20% downpayment? The answer is close to none!
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