The housing bubble in Canada is huge compared to its G7 counterparts | Urbanized

The housing bubble in Canada is astronomically big compared to its G7 counterparts, according to new data.The US Federal Reserve Bank of Dallas recently published data on global home prices over the past 48 years.Better Dwelling compiled housing price index (HPI) data for G7 countries (Canada, US, France, UK, Italy, Japan, and Germany) from 1975 to 2023.Better Dwelling/US Federal Reserve Bank of DallasThe HPI measures and tracks changes in residential housing prices over time and shows the movement of home prices within specific geographical areas.The US Federal Reserve Bank says it uses an HPI for each country that is most consistent with the quarterly US HPI for existing single-family homes.The bank’s data showed that most G7 countries displayed a similar trend, with prices rising in 2020 and showing some stabilization since then.The same cannot be said for Canada, however. In the first quarter of 2022, Canada’s HPI saw an increase of 59% to 346.15 from the same period in 2022.Prices...