Canada’s rate of housing prices increase has given rise to a new economic term to describe the market: ‘shelter inflation\u0027
Canada’s rate of housing prices increase is far more than any other developed market in the world and has given rise to a new economic term to describe the market: ‘shelter inflation.’
As Doyle explains, and as the charts above illustrate, incomes and housing prices in Canada and the United States have kept a fairly similar pace throughout the decades since the 1970s, and stayed in lockstep until late in the 2000s. As Doyle explains, the crash of 2008/09 had a big impact on American investor psychology. “In the U.S., they don’t see housing as a safe asset.
His concern is what happens into 2023 and beyond, once interest rates start climbing. People who bought homes at market peaks in 2019-2020 will then be facing mortgage renewals at higher rates.
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