To restore Canadian home affordability to historically sustainable levels, prices need to halve, incomes double or some combination of both. All options are painful in the short to medium term for asset prices, the leveraged and Canada’s real estate-concentrated economy.
Charles St. Arnaud, Chief Economist at Alberta Central and former economist at the Bank of Canada, joins BNN Bloomberg to discuss what it means to restore affordable housing for Canadians, after recent data from Alberta Central shows housing affordability in Canada is at its lowest in 40 years. Here is a direct video link.
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