Source: Yahoo Finance —
Canada is in the midst of an unprecedented housing crisis that threatens to lock an entire generation out of home ownership forever.
House prices are soaring to record highs while wages are only increasing slightly, leading to reduced housing affordability.
The main culprits have been low rates and low supply. The population is growing faster than new homes are being built, and low-interest rates are letting new buyers into the market. The combined effect of these two factors has been a 24-year housing boom that shows no sign of slowing down.