High home prices hit growth by restricting relocation, innovation, consumer spending and investment. Find out more.
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After the global financial crisis, the Canadian market experienced a modest correction and then shrugged it off. This was viewed positively politically as home prices were a very public barometer of how a country was doing, and that measurement approach became cemented in the minds of a generation. As home prices climbed higher it also became a source of wealth for many.
There are lots of innovators working hard in Canada, but the bottom line is that the country does not rank in the top 10 in the Global Innovation Index and the Conference Board has the country in the bottom half of its peers. High home prices make entrepreneurship, and taking risks in general, very difficult. When home prices are high, people are less likely to move to new areas for job opportunities, reducing growth.
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