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Canada’s housing bubble is hitting smaller and smaller communities

A real estate sold sign hangs in front of a west-end Toronto property Friday, Nov. 4, 2016. THE CANADIAN PRESS/Graeme Roy

In today’s Big Story podcast, bubbles are supposed to burst, aren’t they? At some point? It’s been more than half a decade since house prices in Canada began to truly climb, and that climb has accelerated even through a pandemic. It’s no longer just the big cities that are driving prices, either. It’s the smaller towns outside them—and the towns even further down the road when those smaller towns get too expensive.

What has the unending surge done to the Canadian economy? What could stop it? What happens in small Ontario towns when people from Toronto start flooding in and pushing home prices way over asking? And can we still call this a bubble, if some of the underlying factors driving it appear to be here to stay?

GUEST: Economist Mike Moffatt, Smart Prosperity Institute

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