Canadians love to talk about real estate, and a big part of that is obsessing over when the ‘big crash’ will come.
Shenfeld argues that in the pandemic market, home prices in many cities have risen 10-20% in a relatively short time, sometimes in less than a year. Home prices too are a “zero sum game” for Canadians as a whole, said the economist. While older homeowners might feel rich when they hear what their neighbour’s house went for, younger Canadians have to save more and spend less on other things to get on the property ladder.
Expensive housing can be a deterrent to skilled immigrants and businesses looking to locate in Canada might think twice if the high cost of real estate jeopardizes their ability to attract employees, he said.
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