When the housing market correction finally comes, it won’t be the only bad news in the offing

When the housing market correction finally comes, it won’t be the only bad news in the offing

The average house price in Canada reached an all-time high of $371,000 this spring, and the Toronto market soared even higher than the country’s average, at $456,000. Houses in the city have more than doubled in price in the last decade—only now does it seems that the real estate market is showing any signs of slowing down. But as a Toronto Star blogger points out at moneyville.ca today, a housing correction is sure to come (the Economist has estimated that the Canadian market is close to 25 per cent overvalued, while we’ve been wondering whether or not Toronto’s in a bubble state for months), and when it does, property won’t be the only thing at risk—think jobs, stocks and RRSPs. Read the entire story [Toronto Star] »