Economists have been debating whether Canada's housing market was in a bubble and when that bubble would burst.
In a new report, British Columbia-based Pacifica Partners Capital Management asserts that question is missing some much scarier stuff going on up north.
Yes, housing is now in decline after largely avoiding the 2008 shock, they say. But everything else has also been going haywire: unemployment, credit, stocks, etc.
That is all the more remarkable, they argue, because Canada
emerged from the 2008 crisis appearing a paragon of stability in the
world. (more)
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