A lack of affordability led to
the 1990 housing bust in Toronto.
In Canada, the CMHC received direct government support in the 1980s and again in 1997, after the early
1990s housing bust, as Professor Londerville pointed out: «CMHC did not have sufficient reserves to cover all its incurred claims, and needed government intervention to assure that it remained adequately capitalized.»
Not exact matches
The most precipitous real estate crashes in Canada in the past 30 years — Calgary during the 1980s oil
bust and Toronto in the early
1990s recession — resulted in losses of 25 % to 28 % in the average price of a
house.
The US has certainly experienced
house price cycles in the past, although they tended to be more localised events such as the oil - related boom -
bust in Texas property in the mid 1980s, New England in the late 1980s / early
1990s and the tech - related property cycle in California around 2000 (Case, Quigley and Shiller 2003).
That was the pattern of the
housing busts of the 1930s and early
1990s in many countries.
We have negotiated short sales in the
1990's recession, 1980's recession and starting in 2007 in the current recession and
housing bust.