e values of U.S.$700 and U.S.$650 per square foot respectively have turned into cities of renters. By comparison, Vancouver and Toronto with resale values of U.S.$420 and U.S.$430 per square foot rThe Affordability Indexes of Greater Vancouver and Metropolitan Toronto, were they measured in degrees Celsius, would be fast approaching the absolute zero or minus 276 degrees these days. And so are the affordability indexes of all other large urban centers in the United States, ranking North America in third place after East Asia and Europe on the scale of the world’s most unaffordable places when it comes to housing. We win the Bronze Medal, so to speak, but I am not so sure there is reason to celebrate. Tokyo and Hong Kong, with an average resale value of U.S.$1,100 and U.S.$900 per square foot approximately have turned into cities of sardines, with people reduced to live in 300 square foot cubicles to afford a roof over their heads. London and Paris, with average resale values of U.S.$700 and U.S.$650 per square foot respectively have turned into cities of renters. By comparison, Vancouver and Toronto with resale values of U.S.$420 and U.S.$430 per square foot rend so are the affordability indexes of all other large urban centers in the United States, ranking North America in third place after East Asia and Europe on the scale of the world’s most unaffordable places when it comes to housing. We win the Bronze Medal, so to speak, but I am not so sure there is reason to celebrate. Tokyo and Hong Kong, with an average resale value of U.S.$1,100 and U.S.$900 per square foot approximately have turned into cities of sardines, with people reduced to live in 300 square foot cubicles to afford a roof over their heads. London and Paris, with average resale values of U.S.$700 and U.S.$650 per square foot respectively have turned into cities of renters. By comparison, Vancouver and Toronto with resale values of U.S.$420 and U.S.$430 per square foot rle places when it comes to housing. We win the Bronze Medal, so to speak, but I am not so sure there is reason to celebrate. Tokyo and Hong Kong, with an average resale value of U.S.$1,100 and U.S.$900 per square foot approximately have turned into cities of sardines, with people reduced to live in 300 square foot cubicles to afford a roof over their heads. London and Paris, with average resale values of U.S.$700 and U.S.$650 per square foot respectively have turned into cities of renters. By comparison, Vancouver and Toronto with resale values of U.S.$420 and U.S.$430 per square foot r900 per square foot approximately have turned into cities of sardines, with people reduced to live in 300 square foot cubicles to afford a roof over their heads. London and Paris, with average resale values of U.S.$700 and U.S.$650 per square foot respectively have turned into cities of renters. By comparison, Vancouver and Toronto with resale values of U.S.$420 and U.S.$430 per square foot re values of U.S.$700 and U.S.$650 per square foot respectively have turned into cities of renters. By comparison, Vancouver and Toronto with resale values of U.S.$420 and U.S.$430 per square foot respectively are still dirt-cheap - for foreigners, that is, certainly not for Canadians.

The Affordability Crisis is a very serious matter indeed. It has economic, political, social and demographic reverberations and repercussions. We have heard it over and over again these past few years: historically low mortgage rates, pent-up demand, low inventories and an improved overall economic atmosphere have all contributed to hot local real estate markets. Which, in turn, have driven prices literally through the roof. But an intelligent analysis of the roots of this crisis, in all fairness, must really reach beyond the mere finger pointing to the relationship between supply and demand. Home ownership is the single most important element in the democratization of prosperity. It is t