Canada's Housing Bubble

Here are two articles that underline one of the fundamental myseries of Canada today.

Article 1 points out that 75% of tax-filing Canadians make less than $50,000 a year. Another 20% make between $50,000 and $99,999, meaning that 95% of the country earns less than $100,000 a year.

Article 2 is about the absurd ballooning of house prices, so that even a pleasant but unspectacular home on a pleasant but unspectacular street can cost $900,000 or more.  Average prices in Vancouver, Calgary and Toronto all top $400,000, but $1 million for a modest semi-detached or run-of-the-mill suburban box is depressingly common.

So if nine-tenths of the country can’t possibly afford such ridiculous prices, who is buying these places?

National Post