The U.S. Housing Market vs. the Canadian Housing Market

Canadian housing prices have reached unprecedented levels, surpassing the already inflated prices seen during the Great Financial Crisis. In fact, Canadian housing prices would need to plummet by over 40% just to match the growth in real U.S. housing prices since 1975. From 2005 to 2022, Canadian home prices increased by a staggering 142% on a real basis, while U.S. housing prices only rose by about 26%. The differences in gains and losses between the two countries are stark. Additionally, real housing prices in Canada have far outpaced real disposable income, unlike in the United States where the two have remained relatively stable.

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