“All major Canadian exports including energy, autos, agriculture, forest products and machinery-and-equipment collapsed in the latest report. Canadian analysts are shocked by the news. I sure am not. For my reason, look at happenings in China, a huge recession in Europe, and even a recession in the US that surprisingly few have even figured out yet.” …
“100% without a doubt, Canada is in the midst of an immense housing bubble. The Canadian bubble outlasted bubbles in China and Australia. Because it did, I get taunts from Canadian readers all the time.
I received one just yesterday. It went something like this “So Mish, where’s your Canada Housing Collapse?”
The answer, as always is “I don’t know”. That said, bubbles pop by definition. Moreover, the longer the bubble lasts, the bigger the implosion.
Australia is in the midst of a big property bubble collapse, a big retail collapse, and a big export mining collapse all at the same time.
Canada will follow suit at some point and given taunts out of the blue, now is as good a time as any.”
– from ‘Canadian Exports Collapse, Expect Plunge in GDP; China Factor; US Recession Factor’, Mike Shedlock, Global Economic Analysis, 11 Sep 2012
There is no doubt that the Vancouver RE market represents a bubble.