While we wait for the various Canadian real estate boards to report their most recent data sets over the next 10 days, I noticed a tweet today from SoberLook.com Two myths about the Ukrainian conflict reminding us that:
"Russia may retaliate with a cut in oil and gas exports to undermine Europe’s resolve." and "To investors at least, events in Ukraine could matter very much."
March 2014 is the 5th year anniversary of an important bull market fraught with peril especially in real estate markets where sentiment can flip to no-bid very quickly as market participants review their positions especially at the periphery where equity evaporation cannot be easily defended by income. In the suburbs and less populated markets, employment can dry up unexpectedly forcing commuters to become more competitive.
As oil spikes go, the last one was August 2013, and before that it was May 2011, and before that, the biggie... July 2008 (Chart). We all know what happened to real estate prices in Canada, they plunged and the cash market, the TSX Real Estate Index, dropped 51% in 10 mos (Correction Tables).
"Family matters have pressed upon my time and after more than 16 years of publication, I have transferred ownership of this website and database. Thanks to all my readers who have encouraged me over the years."
July 31, 2021
History, Charts & Curated Readings
"History, real solemn history, I cannot be interested in.... I read it a little as a duty; but it tells me nothing that does not either vex or weary me. The quarrels of popes and kings, with wars and pestilences in every page; the men all so good for nothing, and hardly any women at all - it is very tiresome." Jane Austen spoken by Catherine Morland in 'Northanger Abbey'
"Progress, far from consisting in change, depends on retentiveness. When change is absolute there remains no being to improve and no direction is set for possible improvement; and when experience is not retained, as among savages, infancy is perpetual. Those who cannot remember the past are condemned to repeat it." George Santayana Vol. I, Reason in Common Sense