“This has become probably the most important both economic and political problem facing the country right now,” said Tyler Meredith, a former head of economic strategy and planning for Finance Minister Chrystia Freeland.
“And especially given the significant emphasis the government has put on immigration and the relationship between immigration and the housing market, there is a need to do more.”
For most people, nothing. The amount owing is always less than the value of the home in Canada. The economic bubble in the US was caused by people mortgaging 100+% of the value of a house. You’d get people with marginal income financing 100%, plus borrowing an extra $50k or $100k to “make improvements”. No wonder that went down in a ball of flames that almost toppled the US economy.