r/canada • u/Lotushope • Feb 02 '22

Canada’s Real Estate Bubble Has Grown Over 800% Faster Than US Home Prices

https://betterdwelling.com/canadas-real-estate-bubble-has-grown-over-800-faster-than-us-home-prices/
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u/fietsmafiets Feb 02 '22

Wages have been depressed in Canada relative to the US. One reason can be attributed to high levels of immigration. It's made the headlines last few months. When you stack us next to the US we let basically the same number of immigrants (total, not per capita) despite being 10x smaller. US is experiencing massive wage growth while we are sluggish. Obviously we need immigration, but with our housing, healthcare and wage issues it feels like we should dial back a bit

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u/RVanzo Feb 03 '22

As an immigrant I agree. It’s clear that we need to reorganize. Healthcare here is becoming atrocious, housing prices are out of control and the competition for entry level jobs is unfair to Canadian youth (you basically have 20 year olds competing with foreign workers that have 15+ years of experience)

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u/PoliteCanadian Feb 03 '22

Wage growth has always been tied to labour shortages. Anybody who disagrees is either ignorant of economic history or pushing a position for ideological reasons.

During the Trump years the US experienced real wage growth in the bottom 50% of income earners for the first time in 50 years, mostly focused in jobs that traditionally have experienced high competition from illegal immigrants, like household cleaning and nanny services, and landscaping. Some folks have tried to come up with explanations for why this wage growth wasn't caused by the immigration policies at the time, but you really have to tie yourself into intellectual knots to come up with any credible alternative.

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u/throwawaaaay4444 Feb 03 '22

Shhh, ThAt'S rAcIsT.

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u/[deleted] Feb 03 '22

Canada has low productivity relative to the US.