Canadian real estate is unaffordable, but you don’t appreciate how bad the reality is until you look at its G7 peers. The latest house price-to-income ratio data from the OECD shows all G7 countries are seeing affordability decline. However, Canada has consistently seen home prices outgrow incomes. Since 2005, no other G7 country has seen the gap between home prices and incomes widen this much. It’s not even close.
It's totally absurd given the sheer size of Canada. There is ample space to increase the number of dwellings by an order of magnitude but thanks to insidious government policies, it's becoming nearly impossible for the average guy to buy a house.