How else does a real estate market here go up that much when a sizeable percentage of people in this country are in precarious employment and/or work for minimum wage?
It never made an ounce of sense.
But the press always hyped up the market, never questioning who or what is behind the spike.
I did. It always seriously worried me. And it is a serious problem. The mortgage “stress tests” are not a problem: it is who can afford to buy shacks for a couple of million dollars — or why would they want to do so.
This is biting Canada — and it painted a completely dishonest picture of our economic health. With our ongoing problems, a little nudge can easily cause catastrophic outcomes…