Part 8/13:
Canada's housing market is arguably the most visible sign of its economic trouble. The population boom, coupled with insufficient housing supply, has caused property prices to double over the past decade. This surge has made it increasingly difficult for young Canadians to afford homes, stifling labor mobility and productivity. Although recent price declines offer some relief, the damage has been done. Simultaneously, household debt has surged beyond 2010 levels, surpassing even peak levels seen during Japan's housing bubble—posing serious risks to financial stability.