Canadian homebuyers have skirted the credit crunch that has
devastated the market south of the border, but the U.S. woes are
filtering north amid an economic slowdown and rising consumer
bankruptcies, a CIBC report says.
"If you are a normal, regular consumer in Canada you have no problem
borrowing, money is available for you," said economist Benjamin Tal,
the author of the report.
"If you are a high-risk borrower, you face the same difficulties as the U.S."
The report found that Canadians have kept buying homes and taking
out mortgages even as the U.S. market cratered. The last few months of
2007 saw a significant acceleration in mortgages outstanding, rising to
13 per cent for the year as a whole from 10 per cent in 2006. As well,
the data for the first two months of this year suggests the trend will