This guy thinks 40%, but only in a couple of years. I say that by the end of the year. It all started before 2008. The Canadian banks were too dumb to get into the mortgage security market in the States. Then the US crash, and our banks with all this money. Yeah, the gov't stepped in with almost no interest. The banks went nuts.
Look at the condo cranes, and the massive housing tracts in the GTA. All that is financed with bank money. All the available money went into that, instead of startups, forcing my son to go to Palo Alto. Not a speck of productivity improvement.
Now, we pay the piper. 40% means horrible things, and they can't reduce interest rates. A zero dollar, no vacation for me down south. :( Tuck in to survive, we'll be like Iceland, after their banks crashed. At least they had lots of fish. I have my Victory Garden. :)
ps. if I were selling right now to get out of the market, I would ruthless discount 10-20% and take the offer by the richest person. They are making a bet that things will hit bottom at 20%. I would sell and then rent places around the world. Guatemala is cheap, armed guard included. :)