The housing crisis in Canada is apparent to everyone in this nation. It has become a major topic of conversation despite the federal government’s effort to deflect the conversation towards climate change.
Major banks are feeling the stress as their net interest margins are under pressure as they work with homeowners to restructure their mortgages. Many homeowners cannot hope to meet payments at higher rates. Make no mistake about this: What is happening in the housing market is a massive debt restructuring that has only just begun and will dramatically reduce the wealth of millions of Canadians.
The mainstream media, politicians, and ordinary citizens talk about the housing affordability crisis for good reason. Given the incomes of Canadians, most people seeking new homes have been eliminated from the market, especially in some areas.