Sun
A lot of Canadians appear to be as blind to the financial risks of buying a home in the booming housing market as many were about the risks of investing in the booming stock market of the 1990s.
Nearly one-half of homeowners and potential homebuyers believe house prices will never go down, according to survey results released Thursday by a major financial institution.
While 54 per cent suggested they believe it’s “possible” that house prices could go down, 44 per cent feel they “will never go down,” the CIBC homeownership survey revealed. Just over one in five “strongly agree” and nearly one-quarter “somewhat agree” that house prices will never go down.
While the housing market has had a good run for the past half decade, and analysts don’t expect the current housing boom to go bust as it did in the 1980s.
© The Vancouver Sun 2005