Housing Price Crash Unlikely Say Canada’s Accountants

Are you waiting for a housing price crash before buying a home? You may not want to keep waiting.

The Chartered Professional Accountants Canada says that a Canadian housing crash is unlikely.

The Chief Economist from CPA Canada and author of the study: “The Real Story Behind Housing and Household Debt in Canada: Is There Really a Risk?” says “Beyond prices and debt levels, Canada shares far fewer similarities with the US than you might think. This becomes very apparent when you look at just one measure; credit quality.”

Most people point to the US housing collapse in 2008. However the US suffered from poor regulation and horrible bank practices.

Canada’s housing market may not be completley immune to risks, however the CMHC says 88% of borrowers had high credit quality in 2017 compared to just 3% low quality.

“The situation in Canada is likely not a bubble in imminent danger of deflation; in fact, housing prices may reflect the true value of living space in Canada and in some markets increased household debt may be the new price for real estate,”

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