Financial analyst predicts bad news for Calgary's housing market
A financial analyst is predicting that Calgary's real estate bubble is about to burst.
Garth Turner says the city's housing market is overvalued by 25 percent.
Turner says the slow economy is partly to blame.
But it's the banks raising their lending rates this week is bringing his prediction closer to reality.
"The fact that mortgage rates have gone up across the board, and by more than half-a-point for a long-term mortgage, it's a big deal," says Turner. "Right across Canada, this is it, this is the end of the bubble, this is the end of the bull housing market and it happened this week."
Turner is advising those who are planning on retiring, or downsizing, to sell now. Those planning to buy may want to wait until next spring.