There appears to be a holding back trend by buyers to buy properties as an effect of the the US housing market crash. In my opinion this is an unfounded fear as the US housing market is quite different from the Canadian market. Let us see how:
1. The Mortagage approvals in the US were being done without proper screening with the incentives of "Cash back". Many buyers were not qualified to carry the mortgage.
2. The interest rates in the US kept rising continously for quite some time forcing the home buyers who were barely able to pay their existing mortgages to go for "fore-closures"
3. Canadian economy has performed better than the US bringing up the value of the C$.
4. The Canadian Mortagage approval process has a good checks and balances built into it, so thet there are minimum power of sale happening.
5. The interest rates have not risen in Canada as they did in the US.
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