RE: lushySpec....nice try! Did you actually read the article that you posted to prove how unfactual, short sighted, and ill advised my position is??
"The Canadian and U.S. markets are still very different, CREA president Calvin Lindberg said in a statement. U.S. home prices dropped by 14.1 per cent in the first quarter of the year, according to the benchmark Case-Shiller national home price index."
This is exactly what I was stating...the economic climate in Canada is very much different from the US. Furthermore, if you did some research you would know that 75% of Canadians have fixed mortgages (less chance of foreclosure when payments are known for as much as 5 years on average) and that the bulk of listings on the market in urban centres are investment/2nd properties.
Another fact...I actually used to work for BMO. Did you? I'm sure you can tell me about their lending practices, the culture, and their strategic plan.
I also find it funny that you use an article that quotes Douglas Porter...he is an economist for BMO. He probably doesn't share any of this information with the board of directors though so I'm sure what you are posting are revelations to the board and CEO. Give me a break!!!
You will have to do better than that....LOL
Thanks for the well thought out rebuttal.
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