July 9, 2021 | Canadians Need Wishful Thinking to Believe in the Housing Bubble
Hilliard MacBeth
Author of "When the Bubble Bursts: Surviving the Canadian Real Estate Crash"
Canadian housing is expensive. Household debt in Canada is at record levels. And yet there is still enthusiasm about buying more real estate, and very little fear of a crash.
Why are Canadians so complacent about houses?
Canadians buying real estate have a very positive view about real estate prices. They have little or no fear, or they would not be buying real estate.
Here are some things that most Canadians believe:
One, house prices always rise. But prices have fallen in Canada several times, most recently in the early 1990s. People believe this because it has been so long since the last crash.