Canadian Housing Meltdown!

Contrary to the prevailing view that Canada's housing and mortgage markets are more stable than their U.S. counterparts, Merrill Lynch is warning that this country could face a meltdown that's similar to the one that has ruined the American economy.

In a report issued Wednesday, Merrill Lynch Canada economists said many Canadian households are more financially overextended than their counterparts in the United States or Britain.

They said it's only a matter of time before the "tipping point" is reached and the housing and credit markets crack in Canada.

The Merrill Lynch Canada report by economists David Wolf and Carolyn Kwan acknowledges that the analysis is more pessimistic than the prevailing view.

Many economists have been saying that Canada's housing and banking sectors are much more stable than their American counterparts and will likely slow down but not crash.

Prime Minister Stephen Harper said yesterday that Canada's mortgage market is in good shape and there is no risk of it collapsing, but I think there's a credit problem because Canadian homeowners have been struggling for some time and it sure looks like recession is coming.

I receive hundred of calls each month from people who are either struggling to make minimum payments on their loans, mortgages and other consumer debt or they are already several months behind on their credit cards and mortgages.

It seems like every second homeowner who is contacting me for solution to their problems is one who is about to lose his or her home.

I agree with Merrill Lynch Canada and I urge you to take action and consolidate all your debt into one payment before it is too late!

Property values are declining right across this country, lenders started to tighten credit, rates are increasing and the cost of borrowing is going up by the day…

Don’t be waiting for a freight train to hit your household… go to my website http://www.joemalek.com to apply online today.

You’ll be glad you did!

Joe Malek, AMP
www.joemalek.com