This is definitely an average. Top earners dragging up the average makes it a shit number to use in most economical statistics. Median is better for income figures almost always these days.
Still shocking that Canada is this much worse than the US. It’s also horrible here.
wot dey doin ova der?
This is what a bubble looks like.
With inflating house prices contributing to GDP figures, how much interest do you think the government will have in tanking the market to take from the haves and give it to the have nots?
As with any essential good/service (looking at you, US healthcare) commodiying housing was a catastrophic mistake. The essential nature of it inevitably creates market failure - the consequences of which are plain to see in that graph.
Did they stop making houses in Canada?
If I recall correctly, there is a ton of foreign money buying up all the housing in Canada, which drives up pricing.
It’s just money in general. Not every province tracks foreign ownership of residential housing, but those that do show only about 5% of houses are owned by foreigners. It’s mostly rich Canadians and Canadian businesses that have purchased a huge amount of housing as a form of market speculation.
However, houses being worth a small fortune is good for anyone who already owns a house, which is most Canadians. The issue is that not everyone wants house prices to drop.
This is one of many pieces of the puzzle. There are also terrible zoning laws preventing density in cities. Also, to be clear, immigration is essential to our country and we have a responsibility as a wealthy western to country to accept refugees. However, we have been increasing our immigration rates a ton and our new builds has been really low. Many of these new Canadians are sold a false promise.
Housing is a main factor to Canada’s GDP which is scary, so the government is propping it up.
That graph is insane
