While Bank of Canada Governor David Dodge weighs in with his views on how the world's central bankers may have contributed to the current global credit crunch, he's keeping mum on where rates might go in Canada.
In the meantime, the U.S. National Realtors Association reports that sales of previously owned homes in the U.S. fell to a five-year low in August and major American builder Lennar posted a record drop in profits.
Given the shaky housing market in the U.S., the New York Times chimes in with a timely piece on why we mere mortals defy economic theory (and economists) by hanging on to properties that are fast losing value.
And in a tale of two countries, a strong housing market means that urban home prices are on the rise across Canada. Home prices increased roughly 14 percent from a year earlier.
Now it's time to push aside the numbers and remember why you wanted to live in the city in the first place. Don't forget to take in Toronto's free all night contemporary art thing, Nuit Blanche 2007 tomorrow night. Check out blogTO for a full guide to the night's events.
September 28, 2007
This Week In Real Estate |