Housing Mortgage Markets: Canada Vs. USA Comparison

The housing market in U.S. and Canada have taken different paths since the credit crisis began. In the U.S. it continues to get worse since the crash that started last year. In 2008, more than 3 millions foreclosures were filed setting a record. Foreclosures in 2008 was up 71% from 2007. This year foreclosures have been in excess of 250K each month reaching 342K in April but backing down to 321K in May according to Realtytrac. A recent New York Times editorial mentioned that rising unemployment numbers and falling home prices are causing new foreclosures with no end in sight.

Unlike the U.S. housing market crash, home foreclosures have not yet become a serious problem in Canada.

TopForeignStocks.com provides a table outlining the differences between the Canadian and US mortgage markets here.

This entry was posted on 5. July 2009 at 16:53 and is filed under Economics. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response or trackback from your own site.