Rosenberg Sees 1990s-Style Canada Housing Bust Hurting Spending

Home-price declines in Canada are only getting started and will eventually resemble the protracted slump of the early 1990s, sapping consumer confidence and spending, economist David Rosenberg said.

“It’s not going to be 10% or 15%,” he said Tuesday on BNN Bloomberg Television. “More like 30% down. This is going to be the home-price decline that’s going to mirror what happened under John Crow in the late 80s and into the early 90s.”