Good insights from Ron..great to see him in person. Kudos Urmi for starting these interviews. One request though..Ron was answering to Q’s in length would be great if he get to complete his chain of thought than picking up next question. That will make the interview much valuable. Please host him again. Cheers
@@MoveSmartly still a great interview, and unlike stiff professional Q&A, you made it more like a natural conversation which many viewers can relate to. will definitely look forward to see you host many more excellent interviews with experts from canadian real estate. cheers.
absolutely fantastic interview with Ron Butler, he is a no nonsense guy, speaks for ordinary people, actively following him on twitter. And thanks Urmi for nice questions..
Always enjoy Mr. Butler. To give some context, I have been in the housing industry in the GTA for over 35 years, and there are two statements I would disagree with. First, I bought my first place, a condo, with a friend of mine in the 1980's, prior to his career starting. Condos have always been a common starting point in the urban areas. When he started in the 90's things were so bleak it was easier to buy a detached home. The second is, investors are more plentiful today, but they were definitely not unicorns back in the day. My parents rented a couple of houses in the 1960's before they bought their first home, and both landlords owned numerous homes, and as far back as the 1980's when my career started, I knew a lot of investors that owned between 1 and 20 rental properties. His idea of not allowing investors to use borrowed money as a down payment on a rental I believe would be a great idea.
Brilliant and balanced. The interviewer did a great job explaining the concepts and humanizing some of the reasons why Canadians, especially those in from equity deserving groups, make risky choices so they can own a home. Ron Butler is clearly an expert - wish he was listened to more by the Feds!
This was a good interview. My view living as someone hoping to be a home owner in a more reasonable housing market: this is to be surprised. Treat homes like speculative investments and not as a place to live one should not be surprised when they fall substantially in value. I’m actually looking forward to the continued correction in national home prices and hope that they stabilize at a lower level in 2024 and continue to flatline or only increase at modest rates (1-3% annually).
That reminds me of a joke back when I was living in Mexico and the NAFTA was being drafted. The joke was that the USA had asked their chamber of commerce and associations for their input, and each had a representative for each category (let's say automotive, food, pharmacy etc) and Mexico had the one Minister of finance jumping from meeting to meeting with each industry. That is how it feels, now people is struggling to pay their mortgages and keep their house (which I think is crazy, 30 years won't pay a million dollars home) so here you have people working 80 hours to keep up a never ending paying house, even at 1% what was people thinking!? If I was them, I'd just walk out, but again that would create a 2008 crash.
let is stretch a little more it will be worst then 2008 US crises , when in a city like Toronto with average income around 60000 every tom dick and harry was approved for million dollar plus mortgages we will see it fell like a house to cards in near feature.
Everyone involved in the construction and building industry was considered an essential worker. Our economy is so dependant on the home building market that if it implodes we will have a huge recession if not depression. So sad that housing is a traded commodity and not for the purpose of raising a family. I don't see any pleasant solution to this problem. Government has to decide between higher unemployment or affordable housing. We should have let the housing crash in 2008 and let the system naturally reset, instead the wreck less spenders and borrowers were rewarded and bailed out at the responsible savers expense. We are heading for a two tier system of rich and poor.
The interest rates should have edged up in sept 2021 but Tiff wanted people to over leverage themselves and by the middle of 2022 throw them under the bus. 6.39% wow!
Mortgage frauds are committed by real estate related industries that includes some real estate brokers and lending institutions who are making these frauds possible in order to make fast bucks . Some brokers are advising clients how to prepare phony documents . These industry should be thoroughly investigated and prosecuted to weed out bad actors . This industry should take some responsibility for inflated prices by phony money offered by this industry . The price of houses will normalize over time that may mean up to 50% drop from high of 2022 .
Ron doesn't respect the opinion of others. He is actually very unprofessional and I wouldn't use his brokerage ever. He deleted me from Twitter and called me a small ant for no reason lol. He is a big baby
The lenders are not asking for their money back. It would be suicide. The may get 5% on a GIC but not before they lose 500,000 on an outstanding 1,000,000 loan if the homeowner gives the lender the middle finger. If you want your money back your going to have to take the house lol
@@JohnLee- A friend of mine told me he was disappointed in our American friends for voting Trump into office. I told him I agreed, and I am disappointed in my fellow Canadians for voting into office the fool who is our current prime minister 3 times!! It's time to leave Canada if that incompetent clown gets voted in again.
Strange focus on me, Ron laughs quite a bit too? Mostly, I think, out of incredulity at the issues we're seeing arise due to questionable management of mortgage and housing policies by authorities - Urmi
@@MoveSmartly Urmi, what exactly were you trying to get at when you mentioned something along the lines of, "the vulnerable were just trying to catch that Canadian dream, and they are the ones that will be negatively impacted the most"? I saw that cbc news item and the fraudsters - the FRAUDSTERS - were all south asian. They were either misleading their fellow former citizens or they were all in on the fraud. Please explain to me how this is a "social justice matter" as every one seems to want to spin things now.
@@supermash1 I think you are projecting your own concerns onto my comment - I did not say that the CBC report into fraud is a social justice issue (and if you actually watch my videos I am very dismissive of those claims). However, I am very comfortable saying that in previous housing problems (including the 2008 US subprime disaster) many vulnerable groups are been oversold the home dream and encouraged (by members of their own community often, yes, and members of the larger community as well), that it's "so easy" to get into and make money in housing, yes, including through fraud. Prior to this episode, in Toronto, I am aware of many other groups including from Europe, particularly those who own small businesses and are in trades, who show no income (to avoid taxes presumably) that go to 3rd party mortgage lenders to get mortgages, by showing dubious letters of income and jobs. It's not just a South Asian thing. And in fact, if Ron's suggested policy change he talks about in this video happens - to have mortgage brokers have access to CRA info on people's income - many of these other people would be caught out too. ~ Urmi
@@MoveSmartly Urmi, you specifically stated that there were "minority communities" in the US subprime fiasco that were "marketed to" and "lent money at teaser rates and things like that, which then led to distressed selling being concentrated in certain areas". Why did you bring race into it by mentioning "minority communities"? I remember seeing a news story about a U.S. autoworker - a black man - who lost his horse farm in Kentucky in the subprime meltdown. When I was watching this I immediately thought to myself, "Hey wait a minute, how does an autoworker afford a horse farm in Kentucky? If this guy mortgaged himself to the hilt to buy this property wasn't he just plain stupid?" And what does his being black have to do with being stupid and greedy? Was he "marketed to" or "offered a teaser rate" and if so, so what? Weren't a lot of people of all races and backgrounds offered "teaser rates" and surely also "marketed to?" I'm glad to hear you are dismissive of things like this being turned into "social justice issues" but your comments betray that statement to my ears. You are the one who brought the race card into the conversation. I'm not trying to make a federal issue out of this, but you should be aware of some background about Canada and the experience of eastern European immigrants many years ago now. In the 30's and 40's and maybe the 50's Canada was still very much like an English colony. Because of this many Canadians of English heritage thought that the country belonged to them and they didn't like greasy non-English people like Slavs and Italians, and Portugese, etc. etc. coming into "their" country. And they were discriminated against. My father told me when he was first married he felt he was discriminated against simply because of his (and my) last name - which isn't English - when he was trying to rent an apartment. So this kind of thing has been going on for a long time in Canada, it's nothing new that "people of colour" now seem to be the brunt of. However now the government actively discriminates against white people by having hiring quotas (particularly in government) where "diversity goals" must be met and quotas of particular - non white - hires must be met. This is blatant discrimination against white males in particular and is total crap in my opinion. I don't care how politically incorrect or "unwoke" that statement is because it is simply a fact. I would say that "people of colour" are not being particularly discriminated against in the housing market in Canada - either by people of their own race or otherwise. And I agree with you that Ron's suggested policy change whereby the CRA simply says yes or no to claimed income is a great idea. It would weed out all the fraudsters, of European heritage or any other, who should then be sent packing back to where they came from. But I doubt that will ever happen in Canada. The government just found some of it's own CRA employees were committing fraud by collecting pandemic handout money while they were probably "working" from home. But was one of them prosecuted? Hell no! That would have required a bit of spine, and it might have stepped on a few politically sensitive toes, so the government of Canada does what it usually does - nothing! Just like the bank of Canada and government did when they saw housing prices rise by 3% a month as Ron pointed out. As you said, they were likely more interested in "being seen to move Canada's economy back out of pandemic mode sooner than other countries". In other words, and as always, the government of Canada served ITSELF first and foremost. The people and taxpayers of Canada can just hang fire! And if the middle class is destroyed and housing has become impossibly unaffordable due to their decisions, well at least the government "looked" good to themselves and their other peer governments. Don't worry, no heads will roll - this is the government of Canada - and no one is accountable for anything!
I'm really not sure how to respond to your comment but I can say that reading comments like yours fill me with a certain kind of dismay. I can cite plenty of research showing that the US subprime mortgages were marketed to minority communities, including admissions by those "meaning well" to extend home ownership to these communities - here is a start for you: www.npr.org/templates/story/story.php?storyId=126308934 ~ Urmi
Hi. In response to the above video, I would like to highlight some important points, which I think very relevant to housing market in Canada. Covid-19 Pandemic had a direct and indirect impact in housing prices in 2021.In fact, it came as a tsunami wave not as a regular wave. That tsunami wave has nothing to do with the interest rate. #1) In total Canadians amassed $212 billion-year 2020, versus $18 billion in 2019, according to Statistics Canada. That works out to $5,574 per Canadian on average in 2020, compared to $479 in the previous year. A Lion Share of this 2012 billion were poured into the Canadian Housing Market. #2) During Pandemic Govt gave $2000 per month per person during covid shut down period. Due to the lack of leisure activities people managed to save some portion of it. #3) The Government of Canada in 2020 had launched the CEBA program, which offered interest-free loans of up to $60,000 to small businesses and not-for-profits. In total 49 billion dollars were given to the Canadian business community; Under their name. In both cases $2000 monthly & $60000 number of mismanagement and corruption happened. Some reports say there were more $200 million were given to the unqualified people. One known example: four ordinary regular employees with no business enterprise under their name, managed prepare some false documents and received $60,000 per person. In total $240,000 for all four people. Then, they all used this 240 K as a down payment to buy a property and within a year they sold it with a profit margin of 100-300 K and, they shared the profit. They said, if government catches them maxim federal government would ask them to payback the $60 K in a year or two years’ time period. This kind of malpractice also contributed to raise the housing prices. #4) Work from home concept made many downtown Torontonians to move out to the suburban cities in GTA. That is why there was a narrowing price gap between downtown and, suburbs of GTA, but that trend has reversed. #5) Shortage in Supply and High Demand For a quiet a long-time housing construction wasn’t happened at all because of the covid shut down. Also, during post pandemic there was a supply chain and labor shortage. These factors contributed to shortage of new houses. Moreover, post pandemic era everybody has money, and they wanted to buy house. In summary, there is a Shortage in Supply and High Demand. #6) Influx of new type migrants during the post covid era Only a few countries handled the Covid pandemic very well. Canada is one of those countries. As result of this, affluent people from Africa, Asia and Middle eastern countries have targeted Canada as their number one choice for migration because they lost hope in their motherland. Many of those migrant people came with substantial finance and put that money into the house market. #7) Low interest rate and lack of scrutiny during sanctioning the housing mortgage by the banking officials. Many people have punched above their weight in buy the houses. They were thinking that interest rate will remain bottom low forever. #8) USA Vs Canada USA is diverse country Ney York, California, Florida, Texas, Nevada etc. In USA migration population have been settling all over USA where as in Canada for the past one 150 years migration population targeting to settle in only two cities. That is Toronto and Vancouver. So, it is not surprising housing prices in these two cities are keep sky rocking. I think the above mentioned hidden factors contributed for high housing prices in Canada.
Thanks @Vettivelu Commaran, you raise some good points, we'll definitely look further into some of these issues at Move Smartly - thanks for watching! ~ Urmi
Great interview. Thank you for having him. He hit all the notes on this idiotic situation.
Thank you for giving voice to a deep frustration. I hope you consider more media appointments, Canadians as a whole should be made aware.
Really liked Ron and I hope you'll bring him on again. Great interview as always!
Great interview
The Legend himself! The mortgage king. My man Ron 🎉
Good insights from Ron..great to see him in person. Kudos Urmi for starting these interviews. One request though..Ron was answering to Q’s in length would be great if he get to complete his chain of thought than picking up next question. That will make the interview much valuable. Please host him again. Cheers
Thanks for the feedback Satya! I do admit I was challenged by the pacing of this chat - I'm sure this will improve in future ~ Urmi
Yes, I also agree with the feedback of Satya.
@@MoveSmartly still a great interview, and unlike stiff professional Q&A, you made it more like a natural conversation which many viewers can relate to. will definitely look forward to see you host many more excellent interviews with experts from canadian real estate. cheers.
My favorite episode of Move Smartly so far. Well done Urmi!
Watching this for the first time now in October. Looking forward to your next show together
absolutely fantastic interview with Ron Butler, he is a no nonsense guy, speaks for ordinary people, actively following him on twitter. And thanks Urmi for nice questions..
Always enjoy Mr. Butler. To give some context, I have been in the housing industry in the GTA for over 35 years, and there are two statements I would disagree with. First, I bought my first place, a condo, with a friend of mine in the 1980's, prior to his career starting. Condos have always been a common starting point in the urban areas. When he started in the 90's things were so bleak it was easier to buy a detached home. The second is, investors are more plentiful today, but they were definitely not unicorns back in the day. My parents rented a couple of houses in the 1960's before they bought their first home, and both landlords owned numerous homes, and as far back as the 1980's when my career started, I knew a lot of investors that owned between 1 and 20 rental properties. His idea of not allowing investors to use borrowed money as a down payment on a rental I believe would be a great idea.
Brilliant and balanced. The interviewer did a great job explaining the concepts and humanizing some of the reasons why Canadians, especially those in from equity deserving groups, make risky choices so they can own a home. Ron Butler is clearly an expert - wish he was listened to more by the Feds!
Rent in St. John's NL doubled in my 4 year stay here.
This was a good interview. My view living as someone hoping to be a home owner in a more reasonable housing market: this is to be surprised. Treat homes like speculative investments and not as a place to live one should not be surprised when they fall substantially in value. I’m actually looking forward to the continued correction in national home prices and hope that they stabilize at a lower level in 2024 and continue to flatline or only increase at modest rates (1-3% annually).
That reminds me of a joke back when I was living in Mexico and the NAFTA was being drafted. The joke was that the USA had asked their chamber of commerce and associations for their input, and each had a representative for each category (let's say automotive, food, pharmacy etc) and Mexico had the one Minister of finance jumping from meeting to meeting with each industry. That is how it feels, now people is struggling to pay their mortgages and keep their house (which I think is crazy, 30 years won't pay a million dollars home) so here you have people working 80 hours to keep up a never ending paying house, even at 1% what was people thinking!? If I was them, I'd just walk out, but again that would create a 2008 crash.
Let the collapse happen.
This guy is awesome !!!!!🎉
Ron is the mortgage guru.
Thouroughly Enjoyed Your Thoughtful Common Sense Interview! Keep Up the Great Work!
Great information. I appreciate the in dept knowledge of Ron. Thanks Urmi for bringing Ron !
let is stretch a little more it will be worst then 2008 US crises , when in a city like Toronto with average income around 60000 every tom dick and harry was approved for million dollar plus mortgages we will see it fell like a house to cards in near feature.
Good eye opener
Everyone involved in the construction and building industry was considered an essential worker. Our economy is so dependant on the home building market that if it implodes we will have a huge recession if not depression. So sad that housing is a traded commodity and not for the purpose of raising a family. I don't see any pleasant solution to this problem. Government has to decide between higher unemployment or affordable housing. We should have let the housing crash in 2008 and let the system naturally reset, instead the wreck less spenders and borrowers were rewarded and bailed out at the responsible savers expense. We are heading for a two tier system of rich and poor.
Great interview!
The interest rates should have edged up in sept 2021 but Tiff wanted people to over leverage themselves and by the middle of 2022 throw them under the bus. 6.39% wow!
people over leveraged themselves, not TiFF! The borrowers are to blame not the BOC!
great interview except for the few times you talked over him when he seemed to have good things to say, patience patience
Wo wo, the picture of ron on the cover, and then the real ron, are like 20 years difference. How did he age so fast? Lol
Mortgage frauds are committed by real estate related industries that includes some real estate brokers and lending institutions who are making these frauds possible in order to make fast bucks . Some brokers are advising clients how to prepare phony documents . These industry should be thoroughly investigated and prosecuted to weed out bad actors . This industry should take some responsibility for inflated prices by phony money offered by this industry . The price of houses will normalize over time that may mean up to 50% drop from high of 2022 .
Ron doesn't respect the opinion of others. He is actually very unprofessional and I wouldn't use his brokerage ever. He deleted me from Twitter and called me a small ant for no reason lol. He is a big baby
The lenders are not asking for their money back. It would be suicide. The may get 5% on a GIC but not before they lose 500,000 on an outstanding 1,000,000 loan if the homeowner gives the lender the middle finger. If you want your money back your going to have to take the house lol
Butler financed lot many homes at exaggerated prices because he can.
Great guest. Thanks.
Can she let him talk? Omg
She does, and adds valuable insight when she chimes in. Stop being a jerk.
@@gdi1093stop being a cry baby
Only now I know we don't have a finance minister, 😱
You got the man that said the book will balance itself, what can go wrong ?
@@JohnLee- A friend of mine told me he was disappointed in our American friends for voting Trump into office. I told him I agreed, and I am disappointed in my fellow Canadians for voting into office the fool who is our current prime minister 3 times!! It's time to leave Canada if that incompetent clown gets voted in again.
Please bring him back. He speaks the truth and what all Canadian are thinking.Ron Butler rocks!
Why is the woman laughing so much? What's so funny?
Strange focus on me, Ron laughs quite a bit too? Mostly, I think, out of incredulity at the issues we're seeing arise due to questionable management of mortgage and housing policies by authorities - Urmi
@@MoveSmartly Urmi, what exactly were you trying to get at when you mentioned something along the lines of, "the vulnerable were just trying to catch that Canadian dream, and they are the ones that will be negatively impacted the most"? I saw that cbc news item and the fraudsters - the FRAUDSTERS - were all south asian. They were either misleading their fellow former citizens or they were all in on the fraud. Please explain to me how this is a "social justice matter" as every one seems to want to spin things now.
@@supermash1 I think you are projecting your own concerns onto my comment - I did not say that the CBC report into fraud is a social justice issue (and if you actually watch my videos I am very dismissive of those claims). However, I am very comfortable saying that in previous housing problems (including the 2008 US subprime disaster) many vulnerable groups are been oversold the home dream and encouraged (by members of their own community often, yes, and members of the larger community as well), that it's "so easy" to get into and make money in housing, yes, including through fraud. Prior to this episode, in Toronto, I am aware of many other groups including from Europe, particularly those who own small businesses and are in trades, who show no income (to avoid taxes presumably) that go to 3rd party mortgage lenders to get mortgages, by showing dubious letters of income and jobs. It's not just a South Asian thing. And in fact, if Ron's suggested policy change he talks about in this video happens - to have mortgage brokers have access to CRA info on people's income - many of these other people would be caught out too. ~ Urmi
@@MoveSmartly Urmi, you specifically stated that there were "minority communities" in the US subprime fiasco that were "marketed to" and "lent money at teaser rates and things like that, which then led to distressed selling being concentrated in certain areas". Why did you bring race into it by mentioning "minority communities"? I remember seeing a news story about a U.S. autoworker - a black man - who lost his horse farm in Kentucky in the subprime meltdown. When I was watching this I immediately thought to myself, "Hey wait a minute, how does an autoworker afford a horse farm in Kentucky? If this guy mortgaged himself to the hilt to buy this property wasn't he just plain stupid?" And what does his being black have to do with being stupid and greedy? Was he "marketed to" or "offered a teaser rate" and if so, so what? Weren't a lot of people of all races and backgrounds offered "teaser rates" and surely also "marketed to?"
I'm glad to hear you are dismissive of things like this being turned into "social justice issues" but your comments betray that statement to my ears. You are the one who brought the race card into the conversation.
I'm not trying to make a federal issue out of this, but you should be aware of some background about Canada and the experience of eastern European immigrants many years ago now. In the 30's and 40's and maybe the 50's Canada was still very much like an English colony. Because of this many Canadians of English heritage thought that the country belonged to them and they didn't like greasy non-English people like Slavs and Italians, and Portugese, etc. etc. coming into "their" country. And they were discriminated against. My father told me when he was first married he felt he was discriminated against simply because of his (and my) last name - which isn't English - when he was trying to rent an apartment. So this kind of thing has been going on for a long time in Canada, it's nothing new that "people of colour" now seem to be the brunt of. However now the government actively discriminates against white people by having hiring quotas (particularly in government) where "diversity goals" must be met and quotas of particular - non white - hires must be met. This is blatant discrimination against white males in particular and is total crap in my opinion. I don't care how politically incorrect or "unwoke" that statement is because it is simply a fact.
I would say that "people of colour" are not being particularly discriminated against in the housing market in Canada - either by people of their own race or otherwise.
And I agree with you that Ron's suggested policy change whereby the CRA simply says yes or no to claimed income is a great idea. It would weed out all the fraudsters, of European heritage or any other, who should then be sent packing back to where they came from. But I doubt that will ever happen in Canada. The government just found some of it's own CRA employees were committing fraud by collecting pandemic handout money while they were probably "working" from home. But was one of them prosecuted? Hell no! That would have required a bit of spine, and it might have stepped on a few politically sensitive toes, so the government of Canada does what it usually does - nothing!
Just like the bank of Canada and government did when they saw housing prices rise by 3% a month as Ron pointed out. As you said, they were likely more interested in "being seen to move Canada's economy back out of pandemic mode sooner than other countries". In other words, and as always, the government of Canada served ITSELF first and foremost. The people and taxpayers of Canada can just hang fire! And if the middle class is destroyed and housing has become impossibly unaffordable due to their decisions, well at least the government "looked" good to themselves and their other peer governments. Don't worry, no heads will roll - this is the government of Canada - and no one is accountable for anything!
I'm really not sure how to respond to your comment but I can say that reading comments like yours fill me with a certain kind of dismay. I can cite plenty of research showing that the US subprime mortgages were marketed to minority communities, including admissions by those "meaning well" to extend home ownership to these communities - here is a start for you: www.npr.org/templates/story/story.php?storyId=126308934 ~ Urmi
Hi.
In response to the above video, I would like to highlight some important points, which I think very relevant to housing market in Canada.
Covid-19 Pandemic had a direct and indirect impact in housing prices in 2021.In fact, it came as a tsunami wave not as a regular wave. That tsunami wave has nothing to do with the interest rate.
#1) In total Canadians amassed $212 billion-year 2020, versus $18 billion in 2019, according to Statistics Canada. That works out to $5,574 per Canadian on average in 2020, compared to $479 in the previous year.
A Lion Share of this 2012 billion were poured into the Canadian Housing Market.
#2) During Pandemic Govt gave $2000 per month per person during covid shut down period. Due to the lack of leisure activities people managed to save some portion of it.
#3) The Government of Canada in 2020 had launched the CEBA program, which offered interest-free loans of up to $60,000 to small businesses and not-for-profits. In total 49 billion dollars were given to the Canadian business community; Under their name.
In both cases $2000 monthly & $60000 number of mismanagement and corruption happened. Some reports say there were more $200 million were given to the unqualified people.
One known example: four ordinary regular employees with no business enterprise under their name, managed prepare some false documents and received $60,000 per person.
In total $240,000 for all four people. Then, they all used this 240 K as a down payment to buy a property and within a year they sold it with a profit margin of 100-300 K and, they shared the profit. They said, if government catches them maxim federal government would ask them to payback the $60 K in a year or two years’ time period.
This kind of malpractice also contributed to raise the housing prices.
#4) Work from home concept made many downtown Torontonians to move out to the suburban cities in GTA. That is why there was a narrowing price gap between downtown and, suburbs of GTA, but that trend has reversed.
#5) Shortage in Supply and High Demand
For a quiet a long-time housing construction wasn’t happened at all because of the covid shut down. Also, during post pandemic there was a supply chain and labor shortage. These factors contributed to shortage of new houses. Moreover, post pandemic era everybody has money, and they wanted to buy house.
In summary, there is a Shortage in Supply and High Demand.
#6) Influx of new type migrants during the post covid era
Only a few countries handled the Covid pandemic very well. Canada is one of those countries. As result of this, affluent people from Africa, Asia and Middle eastern countries have targeted Canada as their number one choice for migration because they lost hope in their motherland. Many of those migrant people came with substantial finance and put that money into the house market.
#7) Low interest rate and lack of scrutiny during sanctioning the housing mortgage by the banking officials. Many people have punched above their weight in buy the houses. They were thinking that interest rate will remain bottom low forever.
#8) USA Vs Canada
USA is diverse country Ney York, California, Florida, Texas, Nevada etc. In USA migration population have been settling all over USA where as in Canada for the past one 150 years migration population targeting to settle in only two cities. That is Toronto and Vancouver. So, it is not surprising housing prices in these two cities are keep sky rocking.
I think the above mentioned hidden factors contributed for high housing prices in Canada.
Thanks @Vettivelu Commaran, you raise some good points, we'll definitely look further into some of these issues at Move Smartly - thanks for watching! ~ Urmi