Greater Toronto Area year-over-year housing sales down 22.2 percent in May – June 4, 2018

In case Ontarians don’t know this cannot continue if housing sales in Canada continue to go down especially during a period of a trade war and a period where the Liberal government grew the public sector and shrunk the private sector. This has to stop or the Canadian economy will collapse, I must remind Canadians that our economy did not crash or collapse when the United States economy collapses. In any market, there are up periods and down periods, Canada has managed to weather the storm, but because there was no housing correction in Canada we’ve enjoyed a sense of being economically untouchable.

Well I hate to tell Ontarians this but if these numbers continue to slide and people come to the realization that the price the value of their home is not going up and they can’t take out home equity loans or borrow against their property and if Ontarians learn that if they sell, they will have to sell at a loss, well this is how economic collapses happen. Remember we’re not talking about $400,000 mortgages, now we’re talking about $500,000 – $2.2 million dollar mortgages.

If you’re an owner for this type of mortgage and you can’t sell and interest rates are going up and you can’t qualify for a home equity loan or a line of credit. Well, we’ll see if you want to read the CBC article for yourself click the link below.

http://www.cbc.ca/news/canada/toronto/gta-housing-sales-1.4690310

Interesting times ahead