this post was submitted on 11 Jul 2023
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Canadians by and large have been spending more than they earn for decades now. Check out the average debt-to-income ratio from even 20 years ago, I remember economists being worried and that making the news even back then. Real estate is what props up our GDP to provide the illusion that we're a rich country, and no politician except maybe Singh will ever actually work to change that so home ownership becomes less burdensome and more accessible to everyday people, because it will have an impact on the GDP.
Homeownership is Canada is ridiculous, I was checking this thread on reddit about a guy with 100k in savings and a salary of 95k and he was still unable to afford a 500k condo.
Canada propping the economy through real-estate while people can't afford it just seems like a time bomb, what will remain when it explodes?