A reminder that housing is unaffordable in Canada because a tiny proportion of people have more cash than they know what to do with and have decided to dump it into property. The rest of us then play in a stilted market. Some of this is laundering, most of it is legal investment.

When the price of your home goes up 10% in a year when the rest of the economy drags, don't be happy, be worried. Housing prices increasingly detached from the reality of most Canadians mean increased precarity and homelessness.

We won't get on top of this with anything but legislation. We need to heavily tax speculative land investment, particularly foreign inv., we need local governments to have the right to reclaim empty properties, we need to better redistribute income, and we need a right to housing