TORONTO, ONTARIO - If you thought the worst was behind us, think again. The US economy taking a nose dive and Canadians beginning to feel the pinch is just the beginning. The nightmare is not over; we will continue to feel the ripple effect for another 2 years says the president of REClub.

We have already started to experience a sharp decline in housing starts, banks tightening lending practices, CMHC tightening its high ratio program, and houses taking longer to sell in Canada. We will continue to see global volatility, weaker consumer confidence and lower house prices.

However, a market correction is not something to fear; in the great depression and crash of 89, while the average person experienced troubled times, there were a small number of people who became millionaires during the same time. They went against the tide. While everyone was running away from the market, these people were buying properties at a significant discount. Remember, when there's a sale at Walmart, most people buy in bulk, because things are cheap. But, in real estate, most run the other way. Real wealth is made when you go against the tide and buy when there is a sale in the real estate market.
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