Canadian Guy

Apartment Vacancies Cause New Nightmare in U.S. Housing Collapse

What a difference a border makes.

In June, the greater Toronto area (GTA) which includes the city of Toronto and all the outlying suburbs, approximately 5 million people, set a record for the most number of homes sold in a month.

Listings are down 30% from the boom times a year or so ago, but sales continue due to lower interest rates and the fact that people are spending less money in general, therefore have higher saveings for down payments when they do decide to buy a home.

Compare this to the economic desolation I see when I cross the border to visit Buffalo and I'm glad our Canadian bankers have always been a bunch of tight fisted twats who refused to lend money to people if they couldn't prove they could repay it.