We have the same problem here in Toronto. There has been a huge expansion in the supply of housing. It is just not housing that people can afford or housing that is too small for families. So oddly there is a need for housing in the midst of a building boom. I know, I know in the Long-Term the market will sort it all out.
>
> On Sep 14, 2006, at 11:42 AM, James Heartfield wrote:
>
> > The IMF warns Britain that its housing market is overvalued today -
> > just as the Citizens' Advice Bureau warns that record numbers of
> > younger house-owners risk eviction through missing their mortgage
> > re-payments.
> >
> > My book 'Let's Build! Why we need five million new homes in the
> > next 10 years' published later this month, explains why the
> > housing boom has not translated into a building boom.
> >
>
> It has in the U.S. - new housebuilding has contributed about 12% of
> GDP growth over the last several years, the highest share on record.
>
> Doug
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