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Housing decline does not mean housing crash is about to be realized

General Angela Calla 19 Sep

Courtesy of Financial Post September 19th 2012

“What we see now is probably, at worst, a soft landing,” Rick Waugh told reporters after an address to business leaders in Toronto.

Senior executives at the country’s third-biggest bank by assets have looked at ongoing evidence of a slowdown in some cities and they’re not surprised by what they are seeing, Mr. Waugh said.

The numbers are “well within our expectations,” he said.

Unlike the U.S. and Europe that are dealing with the fallout of severe real estate downturns, Canada is protected by the strength of the domestic economy and the banking system, which mostly avoided fallout from the financial crisis, Mr. Waugh said.

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