An unsustainable housing market with John Pasalis & Mike Moffatt

Experts are warning that Canada's housing market is overheated and unsustainable. On this episode, Nate is joined by John Pasalis and Mike Moffatt to discuss what's driven the surge in prices and what the federal government should do in response.

John Pasalis is a specialist in real estate data analysis and president of Realosophy Realty, a Toronto real estate brokerage.

Mike Moffatt is an economist and professor whose series, Ontarians on the move, is focused on population growth, migration, and what's going on with Ontario's housing market.

By way of background, Canada's big banks have all recently raised concerns about Canada's housing market. Scotiabank says the housing market is off the charts, TD calls it white-hot, CIBC says it's unsustainable, RBC notes that property values have soared to levels far outside historical norms, and BMO has said that Canada is playing with fire.

While the Bank of Canada has been slow in voicing its concerns,  after this episode was recorded Governor Tiff Macklem finally came out and acknowledged that "Canadians are stretching and that is worrying" and questioned the sustainability of the market.