“Much of that net worth is in overvalued residential real estate.”
There is a great likelihood that US real estate is still significantly overvalued, so I’d call that a wash.
Canadians know that when there is a fiscal deficit that they can expect cuts in government. In the US we complain that someone ELSE has more than us and expect them to pay. We ARE more socialist than them.
The biggest threat to Canadians prosperity is the US government, so we’ve got that in common.
the biggest difference is that if a Canadian borrower goes into foreclosure, the bank can and will come after that borrower’s assets until the balance is repaid.
what a crazy concept.