Recession??? LolWe 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.