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SW Saskatchewan | I doubt that would apply to the housing market across Canada as a whole. Canada has always had a pretty conservative mortgage policy, 25% down for a conventional mortgage, and used to be 5% down, CMHA(govt guarantee) approval and a 30yr amortization- no interest only. Then it had extended to a 35 yr amortization during (I believe) the dot -com bubble burst.
For a short time before the 2008 crisis, a big American based mortgage company was pressing for 40 amortization but the storm clouds were already gathering so the B of C and feds didn't allow it.
That said, some housing markets got very badly overheated, especially Alberta. Medicine Hat, that elephant graveyard where old SK farmers go to die has been holding on quite well because of strength in the SK farm economy---but because of slump in the gas fields, it is running 15% unemployment among working age population.
Calgary and Edmonton have had big drops, but they are small markets, at least as compared to the US.
Our CU, was just plain stupid, when it is" the members money", management wants to spend it as fast as possible to give themselves more status. ie, The Saskatchewan Wheat Pool. You can't afford to built a Taj Mahal for an office in a declining city!
What kills Sask financials is the Farm Sector--no golden handshake or soft landing safety net for farmers up here.
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Hundreds of banks
