It's usually bad when they start saying things like this “Overall, our mortgage portfolio is well positioned and continues to perform well within our expectations.”
Canadian housing market is probably the greatest risk Ive seen domestically since the Great Financial Crisis of 08. The tsunami wave has gone out and the beach is packed with emperors staring in amazement wondering what is happening but finding comfort in each other’s nakedness.
One interesting thing I learned yesterday: If a preconstruction condo buyer assigns a unit and the new buyer fails to close, developers have legal recourse to sue BOTH original buyer and the assignment buyer.
