Time for your cheat sheet on this week’s top stories.
Canadian Real Estate
Canadian Wealth Driven By Housing, Outpaced Income Up To 13x: RBC
Canadian wealth is driven by housing and it’s creating a wealth gap that may be permanent. An analysis from RBC shows nearly half of household wealth has been driven by housing—almost double the share the U.S. saw in 2008. Home prices have grown up to 13x the rate of disposable income, and while that helps boost wealth—it also pushed prices out of reach for the vast majority of Canadians. Not a problem for those that already own, but the circumstances lock all future generations from participating.
Canadians Present A Major Threat If They Realize They Won’t Own A Home: RCMP
Canada’s national police are monitoring the country for its greatest threats—disinformation, climate change, and, uh… a lack of homeownership? An internal report from the RCMP warns the country’s increasing financial wealth gap is turning into a pressure point that may turn ugly. Of particular concern is young adults realizing they won’t be able to own a home, explains the agency. As wild as it seems, they’re not wrong—housing concentrated in the hands of large investors has often been the root of turning points in history.
Canadian Standard of Living Plummets Lower, Approaching Lost Decade: NBF
Canadians are seeing their living standards spiral lower, and have been for nearly a decade. National Bank is warning that real GDP per capita has been sliding for almost two years now, slipping back to the same level it was back in 2017. After seeing nearly 7 years of no progress, households are now looking at a lost decade.
Toronto Unemployment Surges, Adds 75k More Unemployed People
Canada’s largest city is adding a lot of people, and most of them aren’t finding any work. Over the past year, Toronto has added a little over 100k workers to its labor force. Unfortunately for every 4 workers it added, the number of unemployed people rose by 3—that works out to 75k more unemployed people than a year ago.
Canadians Rank Low On Global Mental Wellbeing List, 1 In 4 People “Distressed”
Canadians aren’t okay, according to the latest global ranking of wellbeing. The annual Mental State of the World was just released and scores countries based in how well its population is doing emotionally. Canada ranked fairly low, between two notoriously restrictive regimes. The study found nearly 1 in 4 Canadians are also “distressed.”
Wow!! This is shocking. One more trick in their rabbit hat to try & keep housing propped up and unaffordable for young, hard working, educated, financially responsible families.
I’m glad we are finally being recognized.
A spectre is haunting Canada—the spectre of communism.