American politician and war veteran Nick Freitas has exposed Canada’s housing market and pointed out why it takes a ‘millionaire’ to buy real estate north of the border. In a video posted by The Why Minutes, Freitas, who represents James Madison's district in the Virginia House of Delegates and is a Green Beret combat veteran, compared American and Canadian housing markets, exposing a gross disparity between the two countries. He said the United States is also experiencing a bad housing bubble, but housing in Prime Minister Justin Trudeau's Canada is much worse. Canada isn't building new houses, it allows bloated government regulation, had four years of “rock bottom” interest rates, and prints massive amounts of money. “The tragedy in all of this is that Canada's housing crisis is entirely self-inflicted by artificially shutting down supply and increasing demand, inflating the economy with hundreds of billions of dollars of paper currency, and cheap credit. The country's political leaders have managed to achieve the worst scenario possible.”“Time will tell whether or not Canada decides to punish the very politicians that created the problem,” Freitas said. .Freitas pointed out that in 2015 the average house in Canada cost CA$450,000, and now that same house cost $700,000 — a 50% increase. Further, an Oxford Economics report shows Vancouver, Toronto, Hamilton, and Ottawa have all been ranked less affordable than New York City. . “The sheer scale of Canada's housing crisis is unlike anything we're seeing in the US,” Freitas said. “In Canada, the situation is worse than you could possibly imagine.”“The cost of housing is so out of control now that if you happen to own just a normal-sized home in many parts of the country, you're technically a millionaire.”“Despite Canada's vast size and relatively small population, this country is home to one of the worst housing markets in the entire world,” he said, citing 75% of Canadians “literally cannot afford to go out and buy an average house.”. This is due in part to the cost of the average house, which has “skyrocketed over the last few years,” but there are two more substantive reasons. “When you look at the number of homes in Canada compared to the population of the country, there's actually fewer houses today than there were a decade ago,” he said. “And it's actually not hard to see why governments across Canada have all but regulated the supply of new housing out of existence.”“In Toronto, it costs more than $350,000 just to get government approval to begin building a house. In Vancouver, it costs as much to get the government's permission to simply build a home as it does to buy a home in America.”“But that’s not the whole story. Over the last four year, a combination of rock bottom interest rates and the injection of hundreds of billions of printed dollars into the real estate market drove housing prices into the stratosphere — and it wasn't like most of that money went to ordinary people, the vast majority of it went to those who were already well-connected with the government.”
