| The Canadian financial sector is waaay more conservative than its US counterpart. We're at least 10, perhaps 20 years behind the US in many of the bleeding edge products and services. Every time you apply for a loan, you're expected to provide info and documentation out the yin-yang.
So given the very cautious nature of the Canadian lenders, Canadian consumers are still able to function and get into housing, even in crazy markets like Vancouver. Even with US lenders becoming paranoid, I think you'll find it's not so bad. They'll at worst stick to fundamentals (oooh, imagine that) and not give borrowers any wiggle room beyond what the calculations say is okay. |
