We certainly shouldn't gloat over anyone else's misfortune, but when we look at the stark differences between housing markets in the U.S. and Canada, maybe it's permissible to be grateful that sometimes, boring is better.
The latest news for Canadians is that the value of homes continue to rise, not a heck of a lot outside of the West, but still, to rise. At the same time, housing construction is declining only gently. This is just about what you'd hope for if you wanted to see our housing boom end without bringing on a serious economic slowdown.
The U.S. is not so fortunate. In that country, interest rates were cut more sharply than in Canada, held low for a longer period, and accompanied by spectacularly loose mortgage-lending practices.
Those practices helped to spark a frenzied housing boom that's now ending with a painful bust.
