We've seen a lot of theory as to what is causing the collapse of the US Housing Market. Many suggest that it is the re-financing of their homes through HELOCs, the ARMs, and the sub-prime lending practices that have created the mess.
So how do Canadian's treat mortgages? According the the CMHC,
"This study suggests that Canadians are fundamentally cautious when it comes to their mortgage debt," said Pierre Serré, Vice-President, Insurance Product and Business Development. "This is particularly true among young first-time homebuyers."
Take a look at the CMHC Mortgage survey and let's see if there are some similiar patterns...
http://cmhc.ca/en/corp/nero/nere/2007/upload/Consumers-Cautious-About-Mortgage-Debt-Backgrounder.pdf
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