Real Estate in Canada to Plummet!

According to Garth Turner ( Former Minister of Revenue):

Garth Turner's Site
1. Eastern cities, including Toronto, will have markets fall another 10%, for a peak-to-Spring decline of 25%.
2. Albertan cities will decline another 10% as well, for a rout of 30%.
3. Vancouver will crash 20%, taking the average price down 25%, on its way to 40% prior to the 2010 games.
4. Montreal and Ottawa will decline about 12% by Spring from the peak, while Maritime cities will escape absolute reductions, and merely flat-line.
5 Condo prices will erode the most, especially in Vancouver and Toronto.
6. Flashy new landmark towers in those same cities will never be built, while in Calgary they already know the score.
7. Large builders like Mattamy, now desperately cutting prices by more than $30,000 a unit and giving away free cars, could see their business volumes fall by two-thirds.
8. Recent, equity-less owners will owe more than they own, and enough of them will walk to generate shocked headlines.
9. Interest rates will crash lower, but mortgage rates decline far less.
# Renters will trump owners.
10. Sometime next summer, maybe the fall, perhaps sooner, there will be major buying opportunity on certain kinds of real estate which have a sustainable future. More to come on that.

Will a DEPRESSION HIT CANADA TOO?

Well according to Garth Turner the former minister of finance, it does NOT look well.
He claims there will be massive fallout both in the auto industry and housing industry. You basically will not be able to sell your house! CASH WILL BE KING! Read the forcast here:

Garth Turners COMMENTS