11:02 AM EDT, 03/28/2024 (MT Newswires) -- It was just two years ago, when Canadian real estate prices were surging to records, that David Rosenberg warned that the country might be in one of the biggest housing bubbles of all time, The Globe and Mail noted Thursday.

Whether, the Globe said, that was an apt description for the turbocharged market at that time may not hold up to close scrutiny.

But, it added, double-digit price declines did ensue, even if in many regions of Canada it was less than a thunderous burst of an asset class.

Now, the Globe reports that Rosenberg thinks the housing market is no longer in the danger zone. He is among the most bearish observers of the Canadian and the U.S. economies, and he believes both countries will soon fall into a recession. That means there would likely be a forceful move by central bankers to lower borrowing costs, offering an offset to housing prices that are still historically high in many Canadian markets relative to household income.

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