Economies: Canada's house price collapse
Reports in the Canadian media today show a terrifying collapse in the value of property.
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The number of properties sold in Calgary this year is just two thirds of the number sold in the same period last year. Other Canadian districts are suffering, too, but Calgary is the worst.
And following a rapid rise last year, prices have already fallen back to just 1% more than they were this time last year.
That fall is expected to continue and very soon prices will slide further.
Full story at http://calsun.canoe.ca/News/Alberta/2008/07/16/6170251-sun.html
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