Over the last two decades, Canadians have become convinced that real estate is the safe haven instrument. This widely held belief and obsession with real estate has led millions of Canadians to take on massive amounts of debt — tripling their collective financial burden — ensuring that Canada is one of the most indebted nations on the planet.
Drawing on dozens of interviews and even more conversations with individual Canadians and couples, this second edition also addresses the economic conditions and regulatory rules that allowed such a dangerous situation to develop in Canada.
Hilliard MacBeth argues that Canada is in the midst of an unprecedented real estate bubble and that there will soon be a crash in-house prices, triggering a financial crisis. Individual Canadians and families can still take action to protect themselves from the fallout of the bubble bursting — if they act quickly.
This is a very informative book and a must read for all home owners in Canada. I know that in Ontario, we are experiencing a similar price bubble. I sure hope that we can come to terms with our overspending and do some debt-control before it’s too late and we become financially destitute.