RE:Recession??? Lolmaplak, I believe the "typical" deep recession, like the one you described, will not surface this time around. But, strange times produce strange results. Post-covid we will likely experience a
shallow recession with a slowing economy but unusually low unemployment.
Housing will be a different animal, at least in Canada. The equities market will begin to recover well in advance of housing, which will continue to slowly decline as rates climb. It's possible the Feds change the amortization rules to save the over-spenders of the last 10 years at least. The housing market is just too big to just let it fail.
maplak wrote: We are in recession? Where? Does anybody remember any recession? Well I do . Came to Canada 1989 right into real estate recession from 89-94 . In 1994 at the end of the recession I bought my house in Toronto after 20-30 %real estate market correction. 5 years closed mortgage @ 8.5 % . The bottom of real estate was 1995 since than prices climbed up till today. In 1989 I lived in St. Catharines with unemployment of 21% . Luckily find the job in Toronto in manufacturing after 2 months laid off for whole year. Lot of houses taken over by banks since owners could not pay mortgages due to laid offs. That's what I call the recession.