Pundits love these charts, and we do have a huge housing affordability crisis up here.

Problem compared to America is that we have about 1/10th of the total population, and our two largest “international” cities, Toronto and Vancouver, have been overrun by global elite buyers and rental corporations that have massively driven up the average prices.

Drop those two cities out of the calculations, and the chart still looks bad, but less insane.

Not saying this analysis isn’t correct, just providing some context that always seems to be left out of these conversations.