Southseacompany pointed out this article. Seems like the more valuable our real estate gets the more house-poor Canadians become.
“Campbell says that many, like Edgerton and Camus, are surviving now, but the big question is what happens if there’s an unplanned setback — from a job loss to a rise in interest rates.”
“”If the housing market goes down and those individuals have to sell, we’re going to see a lot of houses on the market, which will further reduce the house market in general,”
‘Canada has among the highest home ownership rates in the world; owning a home is one of the ultimate Canadian dreams. And it’s perhaps why so many people choose to live house poor rather than sell their home.”
Read the full article at the CBC.