Canadian housing has been going up so long this cycle, that people have begun to believe prices can never go down. “How much could they drop?” they ask in disbelief. The answer: a-whole-hell-of-a-lot. Calgary for one, is beginning to get the memo.
Thanks to more than a decade-long credit orgy in Canada, the highest supply of homes are in the 1m+ least-affordable price range, with a small and shrinking pool of capable buyers.
The downturn in the economy means high-end homes are going for bargain prices. Here is a direct video link.