The meltdown of US housing market mainly due to risky and wreckless mortgage practices is effecting real estate in Canada. The housing prices are falling and housing market is turning to favour buyers now.
According to latest figures from the Canadian Real Estate Association, the housing prices across Canada has dropped by 11 per cent since May 2008.
The Canadian Association of Accredited Mortgage Professionals predicts mortgage approval activity to fall nearly 12 per cent to $193 billion in 2008, compared to $218 billion in 2007. Approvals are forecast to fall another 10 per …

Real estate analysts and buyers urging that Property developers in the UAE should provide investors “an affordable exit route to ward off distress sales” that could further rock the depressed market. With the real estate sector facing a sudden slump in the backdrop of a sweeping global financial turmoil, it is imperative that developers as well as authorities should take a series of measures to restore investor confidence, analysts further added.
A leading banker, who wanted to remain unidentified, said a possible initiative from the government which could restore confidence and …

The Prime Minister of Canada, in an interview with CTV News in Halifax, Nova Scotia, Canada has confirmed first time that his Conservative government’s January 2009 budget would push Canada into a deficit, while including billions of dollars in spending. “The truth is, I’ve never seen such uncertainty …,” the Globe and Mail quoted Harper as saying in the interview. “I’m very worried about the Canadian economy.”
The Prime Minister also raised the possibility that a depression — loosely defined as prolonged recession where output declines more than 10 percent — …