CIBC downplays likelihood of U.S.-style housing crash

CIBC World Markets economist Benjamin Tal says he continues to believe that a U.S.-style real estate meltdown isn't in the cards for Canada.

Tal says in a new report that even recently released data about high levels of Canadian consumer debt aren't proof that there were be a sudden, big drop in home prices.

He agrees that house prices will probably fall over the next year or two but insists comparisons with the U.S. real estate crash aren't warranted.

Tal says that Canada's debt-to-income ratio has just broken the U.S. record set in 2006 but says other countries have had even higher levels without a crash.

He says the U.S. market bubble was partially fuelled by speculative buying — something that has been less of an issue in Canada.

The deputy chief economist for CIBC World Markets has repeatedly downplayed more extreme warnings about how much the Canadian real estate could be overvalued.

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