GILSAN

Originally Posted by shockie

well in places like alberta that are seriously growing, the real estate market has been hot. i heard that a trailer on a lawn would cost the same as a house elsewhere in the country. also, i get the feeling that canadians aren't spending money they don't have and they weren't getting mortgages they don't deserve either, which is why they haven't been hit as hard. this "mess" that the us housing market is in has a lot to do with all those mortgages that shouldn't have existed in the first place.

Yesterday I saw a report on CNN about small houses costing about $700.000 and tiny plots of land for trailer homes costing about $500.000 in a town in Alberta (can't remember the name of the town) where they are extracting oil from sands.

Here in Madeira Island, Portugal the situation is similar to Scotland, prices have topped out in the past 2 years or so, but have not began to drop yet. Home ownership in Portugal is extemely high, perhaps 90-95%, leaving only a small percentage for rent. It's allways been that way.

Getting a home loan is much more difficult and considerably more expensive at the moment. I think that banks worldwide followed similar policies of US banks and are now getting hammered just like US Banks. Actually it's you and I that are getting hammered. Most banks can weather this crisis without great problems.

Economic downturns are allways followed by boom times. Lets hope this economic recession does'nt take too long.

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