The Canada Mortgage and Housing Corporation reports that as of 2021, the country’s household debt was at 107 percent of its GDP, and its “very high levels of household debt … makes the economy vulnerable to any global economic crisis.” Three-quarters of Canada’s household debt comes from mortgages, according to the report, which states that “[l]onger term, reestablishing housing affordability in Canada will be key to reducing household debt [for those Canadians who choose] to become homeowners.”

At the beginning of this year, Canada enacted a two-year ban on non-Canadians purchasing residential real estate in the country in an effort to alleviate unaffordability. According to the BBC (citing data from the Canadian Real Estate Association), the average home price in Canada is C$716,083 ($528,000; £426,000); homes in Toronto average about C$1.15MM; and in Vancouver, the average price for a residential property is around C$1.29MM.

Last Updated on June 18, 2023 by Ramin Seddiq