Tuesday, May 17, 2011

Did Australia Really Beat Canada to a Top?

I thought Australia had crossed the housing market peak line clearly in first place, but this article from Canada is full of desperate excuses by the real estate industry for why sales were down 14% in April.

Mortgage rules take wind out of house sales
Changes to mortgage regulations that took effect in April, 2011, likely sidelined a number of first-time home buyers,”
The association said comparisons with April, 2010, are difficult because of “several transitory factors artificially boosting sales” in that month.
“This included the impending tightening of mortgage rules, speculation about higher interest rates and the looming introduction of the HST in some provinces.
I seriously did not expect to smell this kind of fear-sweat this early in Canada.

Boys and girls, I think we better go back up to the box and wait for the film from the photo finish.


jesse said...

I much prefer a race to the bottom. Australia in total has much more to drop than Canada.

GG said...

The race to the bottom comes soon enough. Before that we have the race to total capitulation.