The longer this continues, the more Canada’s economy resembles a ponzi-scheme, which can only be kept afloat by bringing in more and more people to prop up an unsustainable system. There are many reasons Canada’s housing market is so out of control. We have some absurd restrictions on building new homes, with development regulations that incentivize the construction of downtown condo’s, while blocking off large sections of cities – and the outskirts of cities – where new housing stock could be generated. We have the Bank of Canada printing massive amounts of money, driving up inflation and juicing the housing market even further. We have an economy that is itself held back by taxes and regulations, making it tougher and tougher to actually build anything in this country, forcing a growing reliance on an overheated housing market to generate ‘growth,’ something which is obviously unsustainable. But there’s something else going on here as well: Canada’s high immigration levels. During the Harper years, the government settled on bringing in roughly 260,000 people per year.