Outstanding, finally someone brave enough to report on it. Well done @BloombergCA

“Canadians owe C$2.3 trillion in mortgages, credit card, and other consumer debt, about equal to the country’s GDP, which is an even higher ratio than the U.S. had before its housing bust.” https://twitter.com/jthorpe11/status/1250531019385602057

“Nearly a third of Canada’s Airbnb hosts -- who jointly had 170,000 active listings in late 2019 -- need the income to avoid foreclosure or eviction”

“Nearly 6 million Canadians have applied for income support. Lenders had deferred nearly 600,000 mortgages, about 12% of the mortgages they hold, as of April 9. Meanwhile, immigration targets, based upon an earlier growing labor shortage, will almost certainly be scaled back.”

Seriously folks.
Let that sink in.
My American friends are shocked at just how levered our real estate market is.

Anyone who owns a MIC, especially one with second mortgages.