I sure do wish Canada’s economy was more than fossil fuel zombies and a housing bubble.
In February, a study of “the world’s least affordable housing markets” showed how Canada’s speculative bubble has made Toronto and Vancouver one of the world’s frontrunners when it comes to unaffordable housing. Using a scale in which a rating of over 5.1 is “severely unaffordable,” Toronto, with a score of 8.6, beat out London and San Francisco. Vancouver at a staggering 11.9, is entirely off the chart. The US Federal Reserve’s “Exuberance Index” has shown that, as one media report puts it, “Canadian home prices have been in bubble territory for 6 years without a correction.”