"Canadian real estate is unaffordable, but you don’t appreciate how bad the reality is until you look at its G7 peers. The latest house price-to-income ratio data from the OECD shows all G7 countries are seeing affordability decline. However, Canada has consistently seen home prices outgrow incomes. Since 2005, no other G7 country has seen the gap between home prices and incomes widen this much. It’s not even close. "
@IgorRock@notjustbikes If you would take 2010 as a base instead of 2005. The increase for Germany and Canada would be pretty much the same. If you take 2012 USA and Canada are the same. Fun with statistics :D. What a difference looking at 9, 11 or 16 years makes.
@tkneubuhler@notjustbikes Interesting how Ford tells on himself here: allowing gentle density would cause a lot of yelling and he personally has a history of not being able to handle a lot of yelling unless it’s from downtown. So he blocks the opportunity for housing.
@notjustbikes It's true that it's not functioning well, but I dug into the days source of this a while back, and the Canadian data is not actually for the whole country. I'd have to do the research again for the details, but as I recall it relies on an index that only tracked big cities, and possibly only SFH.
@meena Canada has the concept of "drive 'til you quality" (for a mortgage).
That is, you head out as far as you can until you can find a house that's within your price range.
That's getting increasingly insane in the Toronto area, with people literally living up to a 2 hour drive from where they work.
Ultimately the job centres are in the major cities, so most people can't just go live in the woods, so "exurbs" are popping up everywhere; suburban housing disconnected from everything.
@notjustbikes
Not unlike Australia, Canada is a country with an enormous amount of foreign ownership and foreign REIT`s investment in homes. This is particularly bad in both countries because both have relatively small populations in relation to the number and amount of these. That is, the amount of money coming in from overseas overwhelms the mechanisms of the local markets and completely skews the costs.
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