Quote:
Originally Posted by blankall
Not only are housing prices not dropping right now, but rental prices are going through the roof. It's a housing shortage. Canada is on track to set a new record for migrants in 2023. The shortage probably isn't getting better.
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I don't know, we saw pretty similar conditions in the late '80s. Canada's population and immigration numbers were increasing quickly (about 1.5% population growth/year which is similar to now), housing prices were skyrocketing despite a rising-rate environment, and housing affordability was actually worse than it is now.
Eventually it all came crashing down and inflation-adjusted housing prices stagnated for about 15 years, resulting in housing becoming pretty cheap through the '90s and early '00s.
I'm not sure I'd bet on that happening again in the same way, but it's certainly possible.