Josh Sigurdson talks with author and economic analyst John Sneisen about the coming crash of many major Canadian housing markets as Canada is ranked the 3rd most riskiest housing market in the world.
According to the study by Oxford Economics, Canada’s 5 year price rise is at 33% while its overvaluation is 173% and housing credit/GDP is 71%. The only two countries beating Canada are Australia in second place and Sweden in first.
As we see the return of the collateralized debt obligations, mortgage backed securities, credit default swaps, reverse mortgages, subprime lending, we are inevitably going to see the results play out over again, but this time likely far worse.
With places like Toronto and Vancouver most notably feeling the results of unthinkably large bubbles as well as Victoria, Hamilton and a few other major cities and towns, there’s no doubt that this will not end well, it never has.
People believe their house is an asset, they don’t understand the highly speculative markets or where value truly comes from.
Interestingly, Canada was ranked among three countries earlier this year by the BIS most at risk of a banking crisis. As the banks are insolvent/bankrupt and we continue to see vast amounts of currency printing, inflation rising, interest rates rising, regulations piling on top of regulations and an absurd amount of taxes, this is the downfall of a society. It’s inevitable. One cannot put a date on the coming crash, we just know it’s going to happen and for that reason we must prepare ourselves. We must be self sustainable, independent, decentralized everything and rule ourselves.
Stay tuned for more from WAM!
Video edited by Josh Sigurdson
Graphics by Bryan Foerster and Josh Sigurdson
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