In his usual rather gentle and non-dogmatic way
Worth listening to. Lets hope the link works, BNN links tend to be hit and miss.
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BTW Jesse out up a good post that explains why the renewals of mortgages will NOT be a factor in putting pressure on home prices.
ReplyDeleteIn the US the renewal gap was a big factor in bringing the market down thanks to Greenspan raising rates 16X!!
However that is not the case in Canada. Does it mean our correction wont happen? No. Every correction looks different.
Forget the link:
ReplyDeletehttp://housing-analysis.blogspot.ca/2012/09/the-mortgage-renewal-gap.html
I watched the interview live on BNN and Schiller said he would not buy a place in Vancouver or Toronto. He suggested the recovery in the US was due to speckers trying to beat the market and was unsure of long term recovery.
ReplyDeleteI know BNN was pressing him for more analysis of the Canadian market of which he was conservative in his comment but you could read his body language. Do not forget his main focus is the US market, therefor he had limited comment and insight to the Canadian market.
He really did slam Vancouver though!