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Home prices are out of control in Canada. While this has been true for some time in Toronto and Vancouver, the situation got much worse this year, spreading far from cities to reach every market in the country. This is locking out many people from their own neighbourhoods, causing despair and frustration. Politicians can act, but they have done nothing so far.
Notes: Real disposable income and real home price index. Rebased to 1975 (100). Timeframe is 1975 Q1 to Q4 2020. Sources: Mack, A., and E. Martinez-Garcia, 2011. “A cross-country quarterly database of real house prices: A methodological note.” Globalization and Monetary Policy Institute working paper No. 99. Federal Reserve Bank of Dallas, author calculations, 2021.
