Best Canadian prediction of the year: Garth Turner on real estate
In a separate blog posting, I highlighted BusinessWeek magazine’s 10 worst predictions of the year.
This caused me to ponder about who might have made the best prediction of the year in Canada.
Former Liberal and Conservative MP Garth Turner probably deserves this honour for his book Greater Good: The Troubled History of Real Estate (Key Porter Books, $21.95), which was released last March, less than a month after the Vancouver housing market peaked.
Turner, who is also a broadcaster and financial columnist, forecast a big correction in housing markets across the country. That's exactly what happened.
“Few people in Boston, where home values doubled between 1997 and 2007, would have then expected, without warning, the worst market decline since 1958,” Turner wrote. “I trust nobody in Vancouver, Kelowna, Saskatoon or Toronto expects that either.”
Comments
1 Comments
taras mutzak
Feb 2, 2013 at 5:00am
Lock in the longest low rate mortgage you can find as soon as possible on your family home and other real estate. The banks have never given warning to the general public as to when rates will start to climb again but if it's a sign, lower unemployment combined with increased industrial activity both in the US and here are sure signs of a creeping recovery which will never be quick enough for the monied few. Even a conservative PM cannot stop the tide of upcoming higher interest rates. He will become a persona non grata by his own kind.,