Subprime contagion about to infect Canada: Turner
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Canada, OTTAWA, subprime March 14th, 2008OTTAWA - With the subprime contagion spreading around the world, Canadians who hoped their homes would be immune from the carnage are wrong.
The disease is here and coming soon to your neighbourhood, says financial author and MP Garth Turner.
The effects of the U.S.-induced mortgage crisis were everywhere on Thursday - in the crumbling U.S. dollar, in Carlyle Capital’s $16-billion mortgage writedown in Amsterdam, in mounting housing foreclosures in the U.S. and in crashing stock markets in Europe and Asia.
“Absolutely, without a doubt, that contagion is spreading to the Canadian real estate market,” said Turner, the author of a new book on the subject titled Greater Fool, the Troubled Future of Real Estate.
Tags: Canada, OTTAWA, subprime
