“The situation is unraveling fast in British Columbia….further price correction should be expected in the near term.” -RBC Economics Research, “Housing Trends and Affordability,” December 2008
A new report by RBC economist Robert Hogue says B.C. is in “full-blown correction mode” with more price declines expected in 2009. This isn’t breaking news now that “negative speculation” is all the rage but this report is notable for its colourful use of language. It’s not every day a bank economist writes about the Canadian housing market in the context of parties, hangovers and digestion.
The report is available here for your reading pleasure.