CTV News shows that as Canadian party leaders close out their first week of campaigning, Nanos Research’s Nik Nanos says it shouldn't be surprising that affordable housing has become a top issue in the 2021 federal election.
Nanos said on the latest episode of Trend Line that the COVID-19 pandemic has caused a hot housing market, driving up the prices not only for those looking to purchase a home, but also those trying to rent, creating a housing crisis across Canada.
The so-called "Canadian Property Bubble" refers to a significant rise in Canadian real estate prices from 2002 to present (with short periods of falling prices in 2008 and 2017) which some observers have called a real estate bubble. From 2003 to 2018, Canada saw an increase in home and property prices of up to 337% in some cities. By 2018, home-owning costs were above 1990 levels when Canada saw its last housing bubble burst. Bloomberg Economics ranks Canada as the second largest housing bubble across the OECD in 2019 and 2021.
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