May 31, 2008
CANADA FOLLOWING THE STATES?
Financial Post: Jacqueline Thorpe reports that Garth Turner states that Canada is following the US in sub-prime mortgage lending. Turner states that there is currently a decline in housing sales because prices are now beyond the reach of the average buyer. Like the US, in order to keep the industry going, mortgage companies will start subprime lending. Turner also stated that the trend is already beginning with the 40 year mortage that has just recently started in Canada. However, Derek Holt, vice-president of Scotia Capital dismisses Turner's claims citing that Canada has a much more rigourous standard than its southern neighbour. Furthermore, demand for living space has always been driven by income and wealth.
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