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Has Canada achieved the ‘elusive soft landing’?

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  • Real estate Pat | 31 Oct 2014, 12:48 PM Agree 0
    This is good news for the Canadian real estate industry. However, I take issue with the report stating that Canadians are better able to afford higher-priced homes. This is a sweeping generalization, is it not?
  • rokman | 11 Dec 2014, 02:36 AM Agree 0
    Yes, I would say it is definitely a generalization. Aren't Canadians up to their ears in debt? As a collective country, we've generally been overly confident since the 2008 crash as our wages have gone up, markets have gone up and jobs rebounded. Now that we're seeing $61 oil, jobs and budgets are being cut and people (especially in AB where I live) have stretched themselves so far, their debt loads are just immense. Not all; but it's a general observation. The question is, as it pertains to me as a renter w/ a girlfriend of 7 years, are we right in waiting to jump into our first home purchase? I'm 31, she's 29. We have no kids. Dual income in the oil & gas sector. I am of the opinion that we're better off to wait this economic turmoil out and keep renting in the short term. We're window shopping for homes, but the numbers we're seeing for the type of home we want to get into (a long term home where we can raise a family) are all $450k-$500k and that number is just way too high for us. I think Canadians are going to continue to lose jobs and house payments are going to be in serious jeopardy for a significant percentage of us.
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