Canadian housing prices are unaffordable, at least in part, because successive governments have failed to address the fact that Canada is one of the world’s foremost tax and secrecy havens, minus the palm trees.
In fact, the term “snow washing” has been coined to describe how easily dirty money can be washed clean, like the snow, in Canada. But there is some hope on the horizon.
The House of Commons finance committee is to be congratulated, in the spirit of better-late-than-never, for opening hearings this week into the country’s dangerously high housing prices. “We risk the possibility of a major housing crash when interest rates go up, just like the Americans experienced in ’08-’09,” said Pierre Poilievre , the Conservative MP who requested hearings.
“It’s time for the finance committee to … begin emergency hearings into where all the money is coming from that is ballooning our housing market, making home ownership unaffordable to our youth and working class and risking a massive financial collapse later on.”
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