This from the Glob and Muck - who have at least recognized that the market is no longer rising. The context is an article entitled Warm weather to warp jobs data.
However, Canada's jobs market will also benefit from a still-solid housing market, compared with a U.S. situation that is in crumbling quickly. "Our housing market may be plateauing but in contrast to the U.S. - where things are in freefall - Canada still looks good," Mr. Lovely said. link
They also say that the US Economists at Goldman Sachs said the unusually temperate weather during the survey week for December — the 9th to the 16th — will boost the month's U.S. seasonally adjusted construction employment by about 17,000. Are they still building like there is no tomorrow in a "crumbling market"?
How long, if ever until the Vancouver market goes into free-fall? Is it possible that Olympic construction will keep demand for housing up, and with it prices? Will we just plateau until 2011, and then correct?
In another article in the G&M, it was said that the combined population of BC and Alberta now surpasses that of Quebec.
But the boom has brought tremendous stress to the West.So there are practical limits to growth - the biggest being housing, and workers, and housing - in a perverse circle. Another aspect is livability - which there are already complaints about.
Alberta has been hit the hardest by the growing pains. Thousands of homeless people are on the street in Calgary, a city whose population surpassed one million in 2006 and whose traffic is continually snarled. A major shortage of workers is hurting service and slowing multibillion-dollar energy projects.
At this point, the West needs a recession, and the East needs action. Where will it go?
This last little blurb from camagazine caught my eye too -
a rise in the real estate market is estimated to have four times more impact on consumption than a corresponding market hike. More specifically, economists maintain that each market dollar gained sparks a 5.8¢ increase in consumer spending, while each dollar of additional real estate wealth results in a 20¢ increase.I believe that this Spendmas saw a fair bit less spending, so where is all the wealth? I guess those mortgage payments are starting to take a bite out of spending.
I wish for two things right now;
1) VHB's analysis,
2) the spring market to commence.
I haven't got a clue what the heck is going on. My head is spinning.