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SEPTEMBER 2008 MARKET, ECONOMY AND REAL ESTATE AND THE MEDIA'S ROLE

SEPTEMBER 2008 MARKET, ECONOMY AND REAL ESTATE AND THE MEDIA'S ROLE

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Published by Tyler Gump
According to recent broadcasts by the media, the Canadian public are told to brace themselves for a real estate crash, along with a general market crash. I believe that we hold too much stake in our identification with the good ole U S of A.
According to recent broadcasts by the media, the Canadian public are told to brace themselves for a real estate crash, along with a general market crash. I believe that we hold too much stake in our identification with the good ole U S of A.

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Published by: Tyler Gump on Sep 27, 2008
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05/09/2014

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IN THE FACE OF THE MEDIAAccording to recent broadcasts by the media, the Canadian public are told to bracethemselves for a real estate crash, along with a general market crash. I believe thatwe hold too much stake in our identification with the good ole U S of A. MajorCanadian banks, economists, mortgage brokers...just a small list of Canada’sprofessionals all state that our market is NOTHING like the USA’s. Here are a coupleof examples of the differences:1. Canadian financial institutions business and households have healthier balancesheets than those in the US.2. Canadian banks have less exposure to the subprime-mortgage market than theUS.3. Canadian banks are less dependent on securitization for the financing and capitalmarkets for their revenues.Here is a quote that I pulled from Canadian Real Estate Forecast for 2008, whichproves that I am NOT alone in seeing the” reality” of the market as opposed to theMedia’s “opinion”:“In sharp contrast to the weakening U.S. economy and deteriorating housingmarket, Canada’s economy and housing market continues to demonstrate stayingpower. Canadian mortgage products are markedly different from those offered inthe U.S., and the sub-prime makes up a significantly smaller portion of the overallCanadian mortgage market. It is unlikely that the residential real estate industry inCanada will have to endure the kind of sharp correction underway south of theborder.” This morning I pulled an article off the Economic News website in regards to theRoyal Bank of Canada. In this article, it states that they are actually benefitting fromthe US downturn, and they expect nothing short of a climb and an expansion in theirbusiness to many more countries in the world. Does this seem like a crisis? Indeedno. Remember too, even with the slow -down of jobs we have been seeing, we areon the cusp of the 2010 Olympics, which will generate more jobs as well.Consumers, there is no need to fear the purchasing of a home. It may come at aturbulent time south of the border, but the slow- down of the real estate market wasone that is often seen at the end of a booming cycle, and is natural. In fact, NOW isthe all time greatest time to buy a home. It IS a buyer’s market out there with ahuge amount of inventory to choose from, which allows you the consumer to havethe opportunity to be more choosey than you may have been allowed to in the pastbooming market now that the prices are stabilizing.

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