Test Your Knowledge on Canada's Housing Crisis

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Questions and Answers

What are the main factors contributing to the housing crisis in Canada?

How long would it take for a middle-class family to save for the down payment of a typical metropolitan home? Answer: A middle-class family would need to save for 24 years to save the down payment for a typical metropolitan home.

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Study Notes

The housing crisis in Canada is caused by a competition for a limited number of houses, leading to increased prices.
The problem of supply is not the only issue, as housing costs are outpacing wages.
Housing costs in Toronto have increased by about 300% since the 1990s.
A middle-class family would need to save for 24 years to save the down payment for a typical metropolitan home.
Intergenerational prosperity significantly influences who can purchase a home.
Housing market gambling and financialization are driving up housing costs.
Housing is viewed as a commodity that can be bought and sold.
Rich multi-property owners and foreign speculators compete with first-time homebuyers.
The scarcity of cheap housing options is another issue, with social housing development largely stalled since the 1990s.
House ownership is becoming unaffordable for everyone but the highest earners.