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Trudeau takes first step to break Canada’s addiction to rising home prices - The Globe and Mail
(www.theglobeandmail.com)
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this post was submitted on 23 Sep 2023
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The market crashed?
40-year-old two-bedroom condos are now $700k here. What crash?
Don't bother debating with this likely troll. The article he cites literally references the rising interest rate as a significant cause for a slight dip in sales, with a reduced month-over-month percentage but still an increase over August 2022 sales. The article also cites continued attention by the government being predicted to cause sales to further cool.
Indeed. https://creastats.crea.ca/
Did you even read your own link? Besides sales dropping 4% (which it says was expected due to the rate hikes) every other stat they listed was up year-over-year or month-over-month.
That sounds to me like the only area where prices aren't still growing are parts of Ontario and maybe the territories.
I did. Did you? Again, it's not like one day you have a million dollar home and the next day you have a $300,000 home. That is not how it works. There is all kinds of ups and downs that follow a crash. Compare what you are seeing now to the US housing market in 2006-2007. You are going to see a lot of similarities.
I think you could argue that the market is slowing or declining, I disagree now but I could be swayed.
Saying the market is crashing though is like saying you crashed your car when you hit a pothole. Sure, if you look at a big car crash in the past someone may have blown a tire in a pothole before causing a pileup, but millions of people hit potholes every day and most are nothing more than a momentary slowdown.
I'm not saying a housing crash couldn't be coming, but it's unreasonable to infer that one is happening based on the data you showed.