A source of Canadian pride…we don’t shout out enough in my view! Here are excerpts from an article from CNBC about “Why Canada’s Housing Market Didn’t Crash”

1. Our Canadian banking system does not allow us to be irresponsible when we purchase or borrow.
There are only six big banks who control the bulk of the mortgage market in this country and they don’t securitize or sell off loans like the US lender do. They retain 75% of loans on the books…and 80% of Canadian loans carry mortgage insurance.

2. At the height of the Canadian housing boom barely 5% of loans were considered “subprime” while over 30% of US loans were either “subprime” or worse.

3. Nobody prevented the banks from lending in the subprime market….they just chose not to…..because it was too risky!!

4. Canada’s loans are FULL RECOURSE loans…so if a borrower goes into foreclosure, the banks go after that borrower’s assets until the balance is repaid.

5. Canadian “booms and busts” are far more “measured”….there is far less “speculation” in the Canadian (Condo) or Freehold real estate market.

At the end of the day, there is a conservative element in the Canadian DNA that runs through the housing industry, banking institutions, financing companies, homebuilding business, and even in the resales of homes. Canada is a land of “INNOVATION WITH SAFETY VALVES”…
Always a “safe bet” don’t you think?? We like to roll the dice KNOWING the odds are on our side!

So if you’re buying or selling in the Toronto Real Estate Market in the coming weeks….have fun..lots of choices in inventory, and talented Real Estate professionals ready to help you! Just ask your favourite “Toronto House Whisperer!!”

My Clients Have the FIRST word and the FINAL say!

“We got it! We got it! The house of our dreams! It’s officially OURS! Thank you Jill! If anyone needs a killer, no BS realtor in Toronto, Jill Lubinski is your woman!”

- Kate Akman

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