The Globe and Mail reports in its Tuesday, July 29, edition that a 2007 study on
Irish real estate said, "Most available evidence
would now appear to suggest
that the housing market appears
to be on the way to achieving a
soft landing."
The Globe's Tara Perkins writes that it is a line Canadians
have been hearing for
years.
Looking at the Irish experience,
Ms. Perkins says the "soft landing" assurance
might be seen as more of a warning.
That is not to say the Canadian
housing market is poised for a
crash the likes of which were
seen in Ireland and the United
States about six years ago. However,
Ireland is now looking at Canada
with envy when, perhaps instead,
we should be learning from
it.
Genworth Financial, for
one, which sells mortgage insurance
in several countries, is suggesting
Ireland take a page from
the Canadian model.
Genworth vice-president Winsor Macdonell says, "Canada has had a universal
mortgage insurance scheme in
place for over 50 years." He is urging the
Irish government to adopt a similar
mortgage insurance program.
"During the recent financial crisis,
the benefits of this scheme
were very evident as the Canadian
housing market performed
well."
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