Canada’s major housing markets slumps

Canada’s biggest real estate markets are still at high risk of a sudden home price drop, according to a new global report by the International Monetary Fund, published this week. The risk of a major price correction has increased over the past few years to a level not seen since the 2008 financial crisis that caused the U.S. sub-prime housing crash. While the States bore the brunt of that housing bubble bursting in 2008, it’s now Canadian cities that are much more vulnerable to a correction, including Vancouver, Toronto, Hamilton and Calgary, said the report.