April 1, 2024 4:42 AM
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notifications@e-news.wealthsimple.com
⏲️ Understand the housing market in 8 minutes
The email is a special edition TLDR newsletter by Wealthsimple discussing the state of Canada's housing market and its impact on personal finances.
(Fix it in … oh, about 800 years)
April 1, 2024 4:42 AM
-
notifications@e-news.wealthsimple.com
⏲️ Understand the housing market in 8 minutes
The email is a special edition TLDR newsletter by Wealthsimple discussing the state of Canada's housing market and its impact on personal finances.
(Fix it in … oh, about 800 years)
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font-weight:400; font-size:14px; line-height:110%; color:#32302F; text-align:left">April 1, 2024 </td><td align="right" style="font-family:'FuturaPT','Roboto',Helvetica,Arial,sans-serif; font-weight:400; font-size:14px; line-height:110%; color:#32302F; text-align:right"><a href="#" style="color:#32302F; text-decoration:underline; text-decoration-color:#5C8145; text-underline-position:from-font">Sign Up</a> | <a href="#" style="color:#32302F; text-decoration:underline; text-decoration-color:#5C8145; text-underline-position:from-font">View Online</a> </td></tr></tbody></table></td></tr><tr><td valign="top" align="center" class="header" style="padding:0"><table width="100%" border="0" cellspacing="0" cellpadding="0" role="presentation"><tbody><tr><td valign="top" class="logo-tldr" style="padding:0"><a href="#" target="_blank"><img width="600" border="0" class="responsive light-img" src="https://braze-images.com/appboy/communication/assets/image_assets/images/64274ca08fd540004ef7ebee/original.gif?1680297120" alt="Wealthsimple | TLDR🤑Q1 | What Happened in the First Quarter" style="font-family:'FuturaPT','Roboto',Helvetica,Arial,sans-serif; font-weight:700; font-size:36px; line-height:100%; color:#32302F; text-align:center; display:block; margin:0 auto"></a> <a href="#" target="_blank"><img width="600" border="0" class="responsive dark-img" src="https://braze-images.com/appboy/communication/assets/image_assets/images/64274ca0c145b9004f6f77c9/original.gif?1680297120" alt="Wealthsimple | TLDR🤑Q1 | What Happened in the First Quarter" style="font-family:'FuturaPT','Roboto',Helvetica,Arial,sans-serif; font-weight:700; font-size:36px; line-height:100%; color:#ffffff; text-align:center; margin:0 auto; display:none"></a> </td></tr></tbody></table></td></tr><tr><td valign="top" align="center" style="font-family:'FuturaPT','Roboto',Helvetica,Arial,sans-serif; font-weight:400; font-size:21px; line-height:112%; color:#32302F"><table width="90%" border="0" cellspacing="0" cellpadding="0" role="presentation"><tbody><tr><td valign="bottom" class="section-divider" style="font-family:'FuturaPT','Roboto',Helvetica,Arial,sans-serif; font-weight:600; font-size:18px; line-height:133%; color:#32302F; text-align:left; padding:30px 0 5px; border-bottom:1px solid #32302F">IN THIS ISSUE </td><td valign="bottom" align="right" class="section-divider" style="font-family:'FuturaPT','Roboto',Helvetica,Arial,sans-serif; font-weight:400; font-size:16px; line-height:100%; color:#32302F; text-align:right; padding:30px 0 5px; border-bottom:1px solid #32302F">8 min read </td></tr><tr><td colspan="2" valign="top" class="in-this-issue-list" style="padding:30px 0 4px"><table width="100%" border="0" cellspacing="0" cellpadding="0" role="presentation"><tbody><tr><td><table width="100%" border="0" cellspacing="0" cellpadding="0" role="presentation"></table></td></tr></tbody></table></td></tr></tbody></table><table width="90%" border="0" cellspacing="0" cellpadding="0" role="presentation"><tbody><tr><td class="body-text" align="left" style="font-family:'FuturaPT','Roboto',Helvetica,Arial,sans-serif; font-weight:400; font-size:18px; line-height:150%; color:#32302F; text-align:left; padding:0px 0 30px">Congratulations! We made it to the end of Q1 2024! And, wow, it was sort of crazy. We explain why below, and dive deep into a giant force that affects Canadians’ personal finances: housing. We’ll return with our regularly scheduled programming (including the FOMO Index) next Monday. Enjoy this special edition in the meantime. —<em style="">The Editors</em> </td></tr></tbody></table><table width="90%" border="0" cellspacing="0" cellpadding="0" role="presentation"><tbody><tr><td valign="top" align="center" style="padding:0 0 30px"><table class="fomo-item-bg section-divider" width="100%" border="0" cellspacing="0" cellpadding="0" role="presentation" style="background-color:#FFF; border:solid 1px #32302F; border-radius:30px; border-collapse:separate!important; display:block"><tbody><tr><td valign="top" align="center"><table align="center" class="report-card" width="90%" border="0" cellspacing="0" cellpadding="0" role="table" style="margin:0 auto"><tbody><tr><td valign="top" class="section-divider" style="font-family:'FuturaPT','Roboto',Helvetica,Arial,sans-serif; font-weight:600; font-size:26px; line-height:130%; color:#32302F; text-align:left; padding:30px 0 5px; border-bottom:1px solid #32302F">Q1 IN NUMBERS <span style="white-space:nowrap; font-weight:100; font-size:19px">Jan. 1 – Mar. 31</span> </td></tr><tr><td valign="top" align="center" class="section-divider" style="border-bottom:1px dashed #32302F"><table align="center" width="100%" border="0" cellspacing="0" cellpadding="0" role="table" style="margin:0 auto"><tbody><tr><td class="report-small" width="50%" style="padding:8px 16px 8px 0; font-family:'FuturaPT','Roboto',Helvetica,Arial,sans-serif; font-weight:600; font-size:19px; line-height:133%; color:#32302F"><strong style="">TSX:</strong> </td><td width="50%" style="padding:8px 16px 8px 0; font-family:'FuturaPT','Roboto',Helvetica,Arial,sans-serif; font-weight:400; font-size:19px; line-height:133%; color:#32302F">+6.6% YTD </td></tr></tbody></table></td></tr><tr><td valign="top" align="center" class="section-divider" style="border-bottom:1px dashed #32302F"><table align="center" width="100%" border="0" cellspacing="0" cellpadding="0" role="table" style="margin:0 auto"><tbody><tr><td class="report-small" width="50%" style="padding:8px 16px 8px 0; font-family:'FuturaPT','Roboto',Helvetica,Arial,sans-serif; font-weight:600; font-size:19px; line-height:133%; color:#32302F"><strong style="">S&P 500:</strong> </td><td width="50%" style="padding:8px 16px 8px 0; font-family:'FuturaPT','Roboto',Helvetica,Arial,sans-serif; font-weight:400; font-size:19px; line-height:133%; color:#32302F">+13% YTD </td></tr></tbody></table></td></tr><tr><td valign="top" align="center" class="section-divider" style="border-bottom:1px dashed #32302F"><table align="center" width="100%" border="0" cellspacing="0" cellpadding="0" role="table" style="margin:0 auto"><tbody><tr><td class="report-small" width="50%" style="padding:8px 16px 8px 0; font-family:'FuturaPT','Roboto',Helvetica,Arial,sans-serif; font-weight:600; font-size:19px; line-height:133%; color:#32302F"><strong style="">Nasdaq:</strong> </td><td width="50%" style="padding:8px 16px 8px 0; font-family:'FuturaPT','Roboto',Helvetica,Arial,sans-serif; font-weight:400; font-size:19px; line-height:133%; color:#32302F">+12% YTD </td></tr></tbody></table></td></tr><tr><td valign="top" align="center" class="section-divider" style="border-bottom:1px dashed #32302F"><table align="center" width="100%" border="0" cellspacing="0" cellpadding="0" role="table" style="margin:0 auto"><tbody><tr><td class="report-small" width="50%" style="padding:8px 16px 8px 0; font-family:'FuturaPT','Roboto',Helvetica,Arial,sans-serif; font-weight:600; font-size:19px; line-height:133%; color:#32302F"><strong style="">Bitcoin:</strong> </td><td width="50%" style="padding:8px 16px 8px 0; font-family:'FuturaPT','Roboto',Helvetica,Arial,sans-serif; font-weight:400; font-size:19px; line-height:133%; color:#32302F">+72.4% YTD </td></tr></tbody></table></td></tr><tr><td valign="top" align="center" class="section-divider" style="border-bottom:1px dashed #32302F"><table align="center" width="100%" border="0" cellspacing="0" cellpadding="0" role="table" style="margin:0 auto"><tbody><tr><td class="report-small" width="50%" style="padding:8px 16px 8px 0; font-family:'FuturaPT','Roboto',Helvetica,Arial,sans-serif; font-weight:600; font-size:19px; line-height:133%; color:#32302F"><strong style="">Magnificent 7:</strong> </td><td width="50%" style="padding:8px 16px 8px 0; font-family:'FuturaPT','Roboto',Helvetica,Arial,sans-serif; font-weight:400; font-size:19px; line-height:133%; color:#32302F">+20% YTD </td></tr></tbody></table></td></tr><tr><td valign="top" align="center" class="section-divider" style="border-bottom:1px dashed #32302F"><table align="center" width="100%" border="0" cellspacing="0" cellpadding="0" role="table" style="margin:0 auto"><tbody><tr><td class="report-small" width="50%" style="padding:8px 16px 8px 0; font-family:'FuturaPT','Roboto',Helvetica,Arial,sans-serif; font-weight:600; font-size:19px; line-height:133%; color:#32302F"><strong style="">Biggest Canadian Gainer*:</strong> </td><td width="50%" style="padding:8px 16px 8px 0; font-family:'FuturaPT','Roboto',Helvetica,Arial,sans-serif; font-weight:400; font-size:19px; line-height:133%; color:#32302F">Celestica Inc. +56.8% YTD </td></tr></tbody></table></td></tr><tr><td valign="top" align="center" class="section-divider" style="border-bottom:1px dashed #32302F"><table align="center" width="100%" border="0" cellspacing="0" cellpadding="0" role="table" style="margin:0 auto"><tbody><tr><td class="report-small" width="50%" style="padding:8px 16px 8px 0; font-family:'FuturaPT','Roboto',Helvetica,Arial,sans-serif; font-weight:600; font-size:19px; line-height:133%; color:#32302F"><strong style="">Biggest Canadian Loser*:</strong> </td><td width="50%" style="padding:8px 16px 8px 0; font-family:'FuturaPT','Roboto',Helvetica,Arial,sans-serif; font-weight:400; font-size:19px; line-height:133%; color:#32302F">SSR Mining -57.6% YTD </td></tr></tbody></table></td></tr><tr><td valign="top" align="center" class="section-divider" style="border-bottom:1px dashed #32302F"><table align="center" width="100%" border="0" cellspacing="0" cellpadding="0" role="table" style="margin:0 auto"></table></td></tr><tr><td style="padding:16px 0 30px; font-family:'FuturaPT','Roboto',Helvetica,Arial,sans-serif; font-weight:400; font-size:14px; line-height:112%; color:#32302F"><em style="">* Universe: TSX 100. Total returns shown.</em> </td></tr></tbody></table></td></tr></tbody></table></td></tr></tbody></table><table width="90%" border="0" cellspacing="0" cellpadding="0" role="presentation"><tbody><tr><td valign="top" class="section-divider" style="font-family:'FuturaPT','Roboto',Helvetica,Arial,sans-serif; font-weight:600; font-size:18px; line-height:133%; color:#32302F; text-align:left; padding:30px 0 5px; border-bottom:1px solid #32302F">THE QUARTER IN MARKETS </td></tr><tr><td class="body-text" align="left" style="font-family:'FuturaPT','Roboto',Helvetica,Arial,sans-serif; font-weight:400; font-size:18px; line-height:150%; color:#32302F; text-align:left; padding:30px 0 0"><strong style="">Q1 was WILD</strong><br>Happy end of the first quarter to all who celebrate! Which, given that you’re reading TLDR, we assume means you. The big headline from the last three months was that the bull run just kept running. You can see the stock-index returns above, but the really remarkable thing is that the performance of U.S. stocks was in the top 20% of quarters going back almost <em style="">a hundred years</em>. That’s on the heels of a strong 2023, in which the S&P 500 and TSX rose 25% and 9.4%, respectively. Why all this ongoing up-and-to-the-rightness? Q1 was packed with surprisingly positive news: stronger-than-expected corporate profits (which buoyed stocks despite rate cuts getting pushed back); no huge resurgence in inflation; no scary spike in unemployment. The list goes on for miles.<span style="display:block; line-height:0.375em"><br><br></span>Pro investors started this year cautiously optimistic, but all the better-than-expected news soon wiped away any trepidation. Individual investors, likewise, stepped off the sidelines and began trading again in a big way, which <a href="#" style="color:#32302F; text-decoration:underline; text-decoration-color:#5C8145; text-underline-position:from-font">helps to explain why Bitcoin</a> and other speculative assets have heated up. Options volume has surged, too, driven by <a href="#" style="color:#32302F; text-decoration:underline; text-decoration-color:#5C8145; text-underline-position:from-font">record demand from individual investors</a>. Is there any chance that investors have gotten too greedy and are fueling another speculative stock bubble, à la 2021? Well, sure, there’s always a chance; bubbles are notoriously difficult to spot in real time. But Wall Street generally isn’t worried about it, not so long as companies keep raking in cash and inflation doesn’t flare up again. Let’s hope for more of the same in both regards as Q2 kicks off this week. </td></tr></tbody></table><table width="90%" border="0" cellspacing="0" cellpadding="0" role="presentation"><tbody><tr><td valign="top" class="section-divider" style="font-family:'FuturaPT','Roboto',Helvetica,Arial,sans-serif; font-weight:600; font-size:18px; line-height:133%; color:#32302F; text-align:left; padding:30px 0 5px; border-bottom:1px solid #32302F">THE BIG IMPORTANT STORY </td></tr></tbody></table><table width="90%" border="0" cellspacing="0" cellpadding="0" role="presentation"><tbody><tr><td valign="top" style="padding:30px 0 15px"><img width="540" border="0" class="responsive" src="https://braze-images.com/appboy/communication/assets/image_assets/images/6609d70d7ce08b004c83c390/original.gif?1711920909" alt="We Can Fix the Housing Crisis! (Maybe! If We Take These Steps!)" style="display:block; border-radius:15px"> </td></tr></tbody></table><table width="90%" border="0" cellspacing="0" cellpadding="0" role="presentation"><tbody><tr><td class="body-text" align="left" style="font-family:'FuturaPT','Roboto',Helvetica,Arial,sans-serif; font-weight:400; font-size:18px; line-height:150%; color:#32302F; text-align:left; padding:0px 0 0px"><em style="">By Sarah Rieger<span style="display:block; line-height:0.375em"><br><br></span></em>Canada’s housing market is, to use an academic term, a dumpster fire — at least for anyone renting or hoping to buy. (See the chart below, which shows the rise in home prices relative to other stuff.) The pandemic threw gasoline on the blaze, but the crisis had been growing for decades as Canada’s population swelled and not enough new construction went up. These days, according to <a href="#" style="color:#32302F; text-decoration:underline; text-decoration-color:#5C8145; text-underline-position:from-font">RBC</a>, just 45% of Canadians can afford a condo, down from 60% in 2019, while a mere 26% say they can afford a single-family home. And renting ain’t cheap either. The crisis has gotten so extreme that, according to one poll, <a href="#" style="color:#32302F; text-decoration:underline; text-decoration-color:#5C8145; text-underline-position:from-font">70% of Canadians</a> — including homeowners, which is really saying something — would be happy or somewhat happy if home prices fell. The same poll shows that Canadians generally think building more homes would be the best way to cool off the market. <span style="display:block; line-height:0.375em"><br><br></span>This quarter brought a lot of good economic news. But since painfully high housing costs are having such an outsized effect on people’s finances, we decided to dive deep into the topic. That meant talking to economists and poring through research about how Canada can improve housing affordability. Below, we unpack what we learned, and what a drop in home prices might mean for you. Keep scrolling. </td></tr></tbody></table><table width="100%" border="0" cellspacing="0" cellpadding="0" role="presentation"><tbody><tr><td valign="top"></td></tr><tr><td valign="top" align="center" class="whats-up-this-week" style="padding:0"><table width="90%" border="0" cellspacing="0" cellpadding="0" role="presentation"><tbody><tr><td valign="top" align="center" style="padding:30px 0"><table border="0" cellspacing="0" cellpadding="0" role="presentation"><tbody><tr><td valign="top" style="padding:0"><img src="https://braze-images.com/appboy/communication/assets/image_assets/images/6609d944a06f92004b6619b2/original.png?1711921476" width="540" alt="We're number one" border="0" class="responsive" style="display:block; margin:auto"> </td></tr><tr><td valign="top" style="padding:0"><img src="https://braze-images.com/appboy/communication/assets/image_assets/images/6609d9440e2a5b004cf315fc/original.gif?1711921476" width="540" alt="We're number one" border="0" class="responsive" style="display:block; margin:auto"> </td></tr><tr><td valign="top" style="padding:0"><img src="https://braze-images.com/appboy/communication/assets/image_assets/images/6609d944cbe956004dc6a6d5/original.png?1711921476" width="540" alt="We're number one" border="0" class="responsive" style="display:block; margin:auto"> </td></tr></tbody></table></td></tr></tbody></table></td></tr></tbody></table><table width="90%" border="0" cellspacing="0" cellpadding="0" role="presentation"><tbody><tr><td class="headline" align="left" style="font-family:'FuturaPT','Roboto',Helvetica,Arial,sans-serif; font-weight:400; font-size:40px; line-height:100%; color:#32302F; text-align:left; padding:0px 0 15px">So, how do we wake up from this housing nightmare? </td></tr></tbody></table><table width="90%" border="0" cellspacing="0" cellpadding="0" role="presentation"><tbody><tr><td class="body-text" align="left" style="font-family:'FuturaPT','Roboto',Helvetica,Arial,sans-serif; font-weight:400; font-size:18px; line-height:150%; color:#32302F; text-align:left; padding:0px 0 0px">The housing crisis has a lot to do with supply. According to some estimates, Canada needs to build anywhere from <a href="#" style="color:#32302F; text-decoration:underline; text-decoration-color:#5C8145; text-underline-position:from-font">5.8 million to almost 10 million</a> new homes in the next 10 years to restore affordability. Which is, let’s say, an ambitious goal, given that a mere <a href="#" style="color:#32302F; text-decoration:underline; text-decoration-color:#5C8145; text-underline-position:from-font">235,000</a> new homes went up last year. Is it even possible to hit that goal? Housing experts generally point to three things that need to happen if we’re going to get close:<span style="display:block; line-height:0.375em"><br><br></span><strong style="">[1] Build Up! And Build Denser!</strong><br>One of the biggest impediments to housing affordability in Canada can on the surface seem almost innocuous, if not downright wholesome: single-family homes. In 1916, the city of Berkeley, California, implemented the first single-family zoning rules in North America (for what were <a href="#" style="color:#32302F; text-decoration:underline; text-decoration-color:#5C8145; text-underline-position:from-font">transparently hateful reasons</a>). Canadian cities soon followed suit, passing ordinances that prohibited the construction of large apartment complexes in many neighbourhoods and thereby severely constricting the housing supply. Sixty percent of Calgary is still zoned exclusively for single-family homes. <span style="display:block; line-height:0.375em"><br><br></span>Almost any policy expert will tell you that Canada cannot begin to address the housing crisis until it allows more medium-sized housing units (think townhomes and walk-ups, not necessarily giant towers) to be built in urban neighbourhoods. If that seems radical, consider that most European cities don’t have <a href="#" style="color:#32302F; text-decoration:underline; text-decoration-color:#5C8145; text-underline-position:from-font">single-family zoning</a> <em style="">at all</em>. <a href="#" style="color:#32302F; text-decoration:underline; text-decoration-color:#5C8145; text-underline-position:from-font">Toronto, Ottawa, and a few other cities</a> have already loosened zoning rules, but British Columbia has arguably made the most sweeping changes. Starting June 30, B.C. cities will automatically allow four- or six-unit complexes to be built on any lot that’s currently zoned for single-family homes. Other cities and provinces would need to adopt similar policies to meaningfully boost the housing supply, but B.C.’s zoning change alone could result in more than <a href="#" style="color:#32302F; text-decoration:underline; text-decoration-color:#5C8145; text-underline-position:from-font">130,000 multi-unit homes</a> getting built over the next 10 years. As the map below shows, in Vancouver this new law could mean four times as many residences get built. </td></tr></tbody></table><table width="100%" border="0" cellspacing="0" cellpadding="0" role="presentation"><tbody><tr><td valign="top"></td></tr><tr><td valign="top" align="center" class="whats-up-this-week" style="padding:0"><table width="90%" border="0" cellspacing="0" cellpadding="0" role="presentation"><tbody><tr><td valign="top" align="center" style="padding:30px 0"><table border="0" cellspacing="0" cellpadding="0" role="presentation"><tbody><tr><td valign="top" style="padding:0"><img src="https://braze-images.com/appboy/communication/assets/image_assets/images/6609db74c641b3004cb99941/original.png?1711922036" width="540" alt="How to Slay Suburban Sprawl" border="0" class="responsive" style="display:block; margin:auto"> </td></tr><tr><td valign="top" style="padding:0"><img src="https://braze-images.com/appboy/communication/assets/image_assets/images/6609db7474df63004c9c225c/original.gif?1711922036" width="540" alt="How to Slay Suburban Sprawl" border="0" class="responsive" style="display:block; margin:auto"> </td></tr><tr><td valign="top" style="padding:0"><img src="https://braze-images.com/appboy/communication/assets/image_assets/images/6609db74a4900e004bdad8e9/original.png?1711922036" width="540" alt="How to Slay Suburban Sprawl" border="0" class="responsive" style="display:block; margin:auto"> </td></tr></tbody></table></td></tr></tbody></table></td></tr></tbody></table><table width="90%" border="0" cellspacing="0" cellpadding="0" role="presentation"><tbody><tr><td class="body-text" align="left" style="font-family:'FuturaPT','Roboto',Helvetica,Arial,sans-serif; font-weight:400; font-size:18px; line-height:150%; color:#32302F; text-align:left; padding:0px 0 0px"><strong style="">[2] Build smarter!</strong><br>Canada needs more apartments, full stop, but it also needs different <em style="">types</em> of apartments, especially ones that can accommodate families. (If cities are going to move away from single-family homes, families will need somewhere to live!) At last check, about 150 apartments in Halifax were available for rent on one listing site. But narrow the search parameters to “three-bedroom” and a grand total of <a href="#" style="color:#32302F; text-decoration:underline; text-decoration-color:#5C8145; text-underline-position:from-font"><em style="">two </em>listings</a> come up. This is partly because many apartments in Canada are made of <a href="#" style="color:#32302F; text-decoration:underline; text-decoration-color:#5C8145; text-underline-position:from-font">wood</a> (as opposed to concrete, as is common in Europe). <a href="#" style="color:#32302F; text-decoration:underline; text-decoration-color:#5C8145; text-underline-position:from-font">So, fire codes</a> require most apartment buildings over two storeys tall to have at least two stairwells, which wastes square footage and often pushes developers toward designing long, skinny, not-family-friendly units. Policy experts agree that the two-stairwell rule is outdated, since sprinkler systems have made apartment buildings <a href="#" style="color:#32302F; text-decoration:underline; text-decoration-color:#5C8145; text-underline-position:from-font">a lot safer</a>. If you drop the stairwell requirement to one in mid-rise buildings (which is also common in Europe), you can put <a href="#" style="color:#32302F; text-decoration:underline; text-decoration-color:#5C8145; text-underline-position:from-font">more or bigger apartments</a> on each plot of land. </td></tr></tbody></table><table width="100%" border="0" cellspacing="0" cellpadding="0" role="presentation"><tbody><tr><td valign="top"></td></tr><tr><td valign="top" align="center" class="whats-up-this-week" style="padding:0"><table width="90%" border="0" cellspacing="0" cellpadding="0" role="presentation"><tbody><tr><td valign="top" align="center" style="padding:30px 0"><table border="0" cellspacing="0" cellpadding="0" role="presentation"><tbody><tr><td valign="top" style="padding:0"><img src="https://braze-images.com/appboy/communication/assets/image_assets/images/6609dc85d6b651004c083bd4/original.png?1711922309" width="540" alt="Is Canada Building Apartments All Wrong?" border="0" class="responsive" style="display:block; margin:auto"> </td></tr><tr><td valign="top" style="padding:0"><img src="https://braze-images.com/appboy/communication/assets/image_assets/images/6609dc85bbb68d004c33ca24/original.gif?1711922309" width="540" alt="Is Canada Building Apartments All Wrong?" border="0" class="responsive" style="display:block; margin:auto"> </td></tr><tr><td valign="top" style="padding:0"><img src="https://braze-images.com/appboy/communication/assets/image_assets/images/6609dc854ee1a7004be9651c/original.png?1711922309" width="540" alt="Is Canada Building Apartments All Wrong?" border="0" class="responsive" style="display:block; margin:auto"> </td></tr></tbody></table></td></tr></tbody></table></td></tr></tbody></table><table width="90%" border="0" cellspacing="0" cellpadding="0" role="presentation"><tbody><tr><td class="body-text" align="left" style="font-family:'FuturaPT','Roboto',Helvetica,Arial,sans-serif; font-weight:400; font-size:18px; line-height:150%; color:#32302F; text-align:left; padding:0px 0 30px"><strong style="">[3] Spend money on houses, not homebuyers!</strong><br>Increasing supply is crucial to solving the housing crisis, but experts argue that cooling demand is just as critical. Canada used to build tons of public housing; in 1970, 25% of homes were <a href="#" style="color:#32302F; text-decoration:underline; text-decoration-color:#5C8145; text-underline-position:from-font">non-market units</a> (aka public or social housing). But in the ’90s, Ottawa <a href="#" style="color:#32302F; text-decoration:underline; text-decoration-color:#5C8145; text-underline-position:from-font">defunded its public-housing programs</a>, offloaded that responsibility to provinces and cities, and began incentivizing people to buy homes with tax breaks and by letting them borrow <a href="#" style="color:#32302F; text-decoration:underline; text-decoration-color:#5C8145; text-underline-position:from-font">against the equity</a> in their current home to buy <em style="">more</em> homes. (Which helps to explain why <a href="#" style="color:#32302F; text-decoration:underline; text-decoration-color:#5C8145; text-underline-position:from-font">one in three homebuyers</a> in Canada is an investor.) Giving tax breaks to homeowners makes a certain amount of sense in some circumstances, but in Canada it has encouraged demand in a market with already way too much of it. Researchers at the University of British Columbia argue that Canada needs to build at least <a href="#" style="color:#32302F; text-decoration:underline; text-decoration-color:#5C8145; text-underline-position:from-font">one million</a> non-market homes over the next decade to reduce demand for privately owned housing; Ottawa, moreover, should also probably do away with some of its demand-boosting policies. </td></tr></tbody></table><table width="90%" border="0" cellspacing="0" cellpadding="0" role="presentation"><tbody><tr><td class="headline" align="left" style="font-family:'FuturaPT','Roboto',Helvetica,Arial,sans-serif; font-weight:400; font-size:40px; line-height:100%; color:#32302F; text-align:left; padding:0px 0 15px">What does all this mean for typical Canadians? </td></tr></tbody></table><table width="90%" border="0" cellspacing="0" cellpadding="0" role="presentation"><tbody><tr><td class="body-text" align="left" style="font-family:'FuturaPT','Roboto',Helvetica,Arial,sans-serif; font-weight:400; font-size:18px; line-height:150%; color:#32302F; text-align:left; padding:0px 0 30px">Housing is considered affordable when households have to spend <a href="#" style="color:#32302F; text-decoration:underline; text-decoration-color:#5C8145; text-underline-position:from-font">no more than a third</a> of their monthly income on rent or mortgage payments. Well, right now, based on our calculations, the average Canadian couple who owns an average-priced home, which currently costs $776,300, are spending 49% of their monthly income on their mortgage. Lots of people are assuming that that ratio will fall when the Bank of Canada cuts interest rates soonish. But affordability likely won’t improve all that much. (See the chart below.) Any meaningful improvement in affordability would, based on our math, require home prices to drop at least 15% annually over the next couple of years. (That, or wages would need to shoot up wildly, which, we hate to say, seems less possible.) If you agree that the policies outlined above could help drive down prices, housing advocates, like <a href="#" style="color:#32302F; text-decoration:underline; text-decoration-color:#5C8145; text-underline-position:from-font">Matthew Desmond</a>, would encourage you to show up to zoning-board meetings to push for change. </td></tr></tbody></table><table width="90%" border="0" cellspacing="0" cellpadding="0" role="presentation"><tbody><tr><td valign="top" style="padding:0px 0 30px"><img width="540" border="0" class="responsive" src="https://braze-images.com/appboy/communication/assets/image_assets/images/6609dd46b6ce8d004be7c06a/original.png?1711922502" alt="The (Very) Hard Road to Affordability" style="display:block; border-radius:15px"> </td></tr></tbody></table><table width="90%" border="0" cellspacing="0" cellpadding="0" role="presentation"><tbody><tr><td class="body-text" align="left" style="font-family:'FuturaPT','Roboto',Helvetica,Arial,sans-serif; font-weight:400; font-size:18px; line-height:150%; color:#32302F; text-align:left; padding:0px 0 30px">One the biggest issues that the housing crisis raises might be about how to build wealth in Canada. For a long time, investing in a home was incredibly lucrative for people who could afford one. But you could argue that real estate really isn’t how Canadians <em style="">should</em> be trying to grow their wealth. Housing unaffordability has helped keep people poor, and from an investing perspective, if most of your money is tied up in your home, that’s a very concentrated (i.e., risky) investment. And real estate might not even provide you the best returns: the TSX outperformed Canadian real estate <a href="#" style="color:#32302F; text-decoration:underline; text-decoration-color:#5C8145; text-underline-position:from-font">over a recent 25-year period</a>. Plus, equities are nice because you don’t have to move out of them to cash out or change your risk profile. Of course, the stock market can occasionally be a dumpster fire too, as 2022 reminded investors. But there’s a difference between a <em style="">sustained</em> dumpster fire, as with housing, and a cyclical, run-of-the-mill dumpster fire. Many Canadians, it has become clear, would prefer the latter. </td></tr></tbody></table><table width="90%" border="0" cellspacing="0" cellpadding="0" role="presentation"><tbody><tr><td valign="top" class="section-divider" style="font-family:'FuturaPT','Roboto',Helvetica,Arial,sans-serif; font-weight:600; font-size:18px; line-height:133%; color:#32302F; text-align:left; padding:30px 0 5px; border-bottom:1px solid #32302F">FROM OUR SPONSOR </td></tr></tbody></table><table width="100%" border="0" cellspacing="0" cellpadding="0" role="presentation"><tbody><tr><td valign="top"></td></tr><tr><td valign="top" align="center" class="whats-up-this-week" style="padding:0"><table width="90%" border="0" cellspacing="0" cellpadding="0" role="presentation"><tbody><tr><td valign="top" align="center" style="padding:30px 0"><table border="0" cellspacing="0" cellpadding="0" role="presentation"><tbody><tr><td valign="top" style="padding:0"><img src="https://braze-images.com/appboy/communication/assets/image_assets/images/65e4f3e5b880d100587b718a/original.png?1709503460" width="540" alt="RRSP 0.5% match" border="0" class="responsive" style="display:block; margin:auto"> </td></tr><tr><td valign="top" style="padding:0"><img src="https://braze-images.com/appboy/communication/assets/image_assets/images/65e4f3e55e83a9004c64451d/original.gif?1709503460" width="540" alt="RRSP 0.5% match" border="0" class="responsive" style="display:block; margin:auto"> </td></tr><tr><td valign="top" style="padding:0"><a href="#"><img src="https://braze-images.com/appboy/communication/assets/image_assets/images/65e4f3e5a91501004d71506e/original.png?1709503460" width="540" alt="RRSP 0.5% match border=" class="responsive" style="display:block; margin:auto"></a> </td></tr></tbody></table></td></tr></tbody></table></td></tr></tbody></table><table width="90%" border="0" cellspacing="0" cellpadding="0" role="presentation"><tbody><tr><td valign="top" class="section-divider" style="font-family:'FuturaPT','Roboto',Helvetica,Arial,sans-serif; font-weight:600; font-size:18px; line-height:133%; color:#32302f; text-align:left; padding:30px 0 5px; border-bottom:1px solid #32302f">THOUGHTS ON TODAY’S ISSUE? </td></tr><tr><td valign="top" style="padding:30px 0 0"><table width="100%" border="0" cellspacing="0" cellpadding="0" role="presentation"><tbody><tr><td valign="top" class="survey-option" style="background-color:#fff; border-radius:12px; display:block"><table width="100%" border="0" cellspacing="0" cellpadding="0" role="presentation"><tbody><tr><td align="center" style="font-family:'FuturaPT','Roboto',Helvetica,Arial,sans-serif; font-weight:400; font-size:14px; line-height:150%; color:#32302f; text-align:center; padding:20px 0"><a href="#" style="display:block; color:#32302f; text-decoration:none"><img src="https://braze-images.com/appboy/communication/assets/image_assets/images/639b4d549e12c0004a328bb2/original.png?1671122260" width="36" height="36" alt="" border="0" style="display:inline-block"> <br>Love it </a></td></tr></tbody></table></td><td valign="top" width="16"></td><td valign="top" class="survey-option" style="background-color:#fff; border-radius:12px; display:block"><table width="100%" border="0" cellspacing="0" cellpadding="0" role="presentation"><tbody><tr><td align="center" style="font-family:'FuturaPT','Roboto',Helvetica,Arial,sans-serif; font-weight:400; font-size:14px; line-height:150%; color:#32302f; text-align:center; padding:20px 0"><a href="#" style="display:block; color:#32302f; text-decoration:none"><img src="https://braze-images.com/appboy/communication/assets/image_assets/images/639b4d549c4a91004b983a95/original.png?1671122260" width="36" height="36" alt="" border="0" style="display:inline-block"> <br>Good </a></td></tr></tbody></table></td><td valign="top" width="16"></td><td valign="top" class="survey-option" style="background-color:#fff; border-radius:12px; display:block"><table width="100%" border="0" cellspacing="0" cellpadding="0" role="presentation"><tbody><tr><td align="center" style="font-family:'FuturaPT','Roboto',Helvetica,Arial,sans-serif; font-weight:400; font-size:14px; line-height:150%; color:#32302f; text-align:center; padding:20px 0"><a href="#" style="display:block; color:#32302f; text-decoration:none"><img src="https://braze-images.com/appboy/communication/assets/image_assets/images/639b4d54ec2608004a63fb30/original.png?1671122260" width="36" height="36" alt="" border="0" style="display:inline-block"> <br>So so </a></td></tr></tbody></table></td></tr></tbody></table></td></tr></tbody></table></td></tr><tr><td valign="top" align="center" class="contributors" style="padding:0"><table width="90%" border="0" cellspacing="0" cellpadding="0" role="presentation"><tbody><tr><td valign="top" class="section-divider" style="font-family:'FuturaPT','Roboto',Helvetica,Arial,sans-serif; font-weight:700; font-size:18px; line-height:133%; color:#32302F; text-align:left; padding:30px 0 5px; border-bottom:1px solid #32302F"></td></tr><tr><td align="left" style="font-family:'FuturaPT-Book','Roboto',Helvetica,Arial,sans-serif; font-size:10px; line-height:120%; color:#32302F; text-align:left; padding:30px 0 0">This week’s newsletter contributors: Ben Mathis-Lilley (writer), Devin Gordon (writer), Stacey Woods (writer), Sarah Rieger (news writer), Ambrose Martos (fact checker), Ciara Rickard (copy editor), Clare Douglas (copy editor), Sara Black McCulloch (fact checker), Mohini Tailor (senior lifecycle specialist), Matthew Karasz (markets editor) Jared Sullivan (senior editor), Peter Martin (senior editor), Kat Angus (managing editor), and Devin Friedman (editor-in-chief). <br><br>Correction: Last week, we stated that <a href="#" style="color:#32302F; text-decoration:underline; text-decoration-color:#5C8145; text-underline-position:from-font">7%</a> of Canadians who reported owning crypto in 2023 did so specifically to pay a ransom to a hacker. We phrased that poorly. We should have said 7% of Canadians who have <em style="">ever</em> owned crypto have used it to pay a ransom to a hacker. Sorry about that. </td></tr></tbody></table></td></tr><tr><td valign="top" align="center" class="footer" style="padding:0 0 32px"><table width="90%" border="0" cellspacing="0" cellpadding="0" role="presentation"><tbody><tr><td valign="top" class="section-divider" style="font-family:'FuturaPT','Roboto',Helvetica,Arial,sans-serif; font-weight:700; font-size:18px; line-height:133%; color:#32302F; text-align:left; padding:30px 0 5px; border-bottom:1px solid #32302F"></td></tr><tr><td valign="top" style="padding:16px 0"><table align="left" border="0" cellspacing="0" cellpadding="0" role="presentation"><tbody><tr><td width="16" valign="top" style="font-family:'FuturaPT','Roboto',Helvetica,Arial,sans-serif; font-weight:400; font-size:35px; line-height:112%; color:#32302F; text-align:center; padding:0 16px 0 0"><a href="#" target="_blank"><img src="https://braze-images.com/appboy/communication/assets/image_assets/images/639b4bea4e1e61004c04dee8/original.png?1671121897" width="18" height="18" alt="" border="0" class="light-img" style="display:block"></a> <a href="#" target="_blank"><img src="https://braze-images.com/appboy/communication/assets/image_assets/images/639b4bd8777b59004feb24e5/original.png?1671121880" width="16" height="16" alt="" border="0" class="dark-img" style="display:none"></a> </td><td width="16" valign="top" style="font-family:'FuturaPT','Roboto',Helvetica,Arial,sans-serif; font-weight:400; font-size:35px; line-height:112%; color:#32302F; text-align:center; padding:0 16px 0 0"><a href="#" target="_blank"><img src="https://braze-images.com/appboy/communication/assets/image_assets/images/639b4bd84e1e61004c04dee6/original.png?1671121880" width="10" height="18" alt="" border="0" class="light-img" style="display:block; margin:0 auto"></a> <a href="#" target="_blank"><img src="https://braze-images.com/appboy/communication/assets/image_assets/images/639b4bd85d4e31004d3c245a/original.png?1671121880" width="8" height="16" alt="" border="0" class="dark-img" style="display:none"></a> </td><td width="16" valign="top" style="font-family:'FuturaPT','Roboto',Helvetica,Arial,sans-serif; font-weight:400; font-size:35px; line-height:112%; color:#32302F; text-align:center; padding:0 16px 0 0"><a href="#" target="_blank"><img src="https://braze-images.com/appboy/communication/assets/image_assets/images/64dbe114abd604005031d014/original.png?1692131604" width="22" height="18" alt="" border="0" class="light-img" style="display:block"></a> <a href="#" target="_blank"><img src="https://braze-images.com/appboy/communication/assets/image_assets/images/64dbe114897cc00050a98360/original.png?1692131604" width="16" height="16" alt="" border="0" class="dark-img" style="display:none"></a> </td><td width="16" valign="top" style="font-family:'FuturaPT','Roboto',Helvetica,Arial,sans-serif; font-weight:400; font-size:35px; line-height:112%; color:#32302F; text-align:center; padding:0 16px 0 0"><a href="#" target="_blank"><img src="https://braze-images.com/appboy/communication/assets/image_assets/images/639b4bd83b61a20059525b6e/original.png?1671121880" width="18" height="18" alt="" border="0" class="light-img" style="display:block"></a> <a href="#" target="_blank"><img src="https://braze-images.com/appboy/communication/assets/image_assets/images/639b4bd83b61a2004c52a61a/original.png?1671121880" width="16" height="16" alt="" border="0" class="dark-img" style="display:none"></a> </td></tr></tbody></table></td></tr><tr><td align="left" class="autolink-hide" style="font-family:'FuturaPT','Roboto',Helvetica,Arial,sans-serif; font-weight:400; font-size:14px; line-height:120%; color:#32302F; text-align:left; padding:0 0 16px">Wealthsimple Media Inc.<br>80 Spadina Ave Suite 400<br>Toronto, ON, M5V 2J4 </td></tr><tr><td align="left" style="font-family:'FuturaPT','Roboto',Helvetica,Arial,sans-serif; font-weight:400; font-size:14px; line-height:120%; color:#94908D; text-align:left; padding:0 0 16px">Replies to this email address are not monitored. Have questions? Visit our <a href="#" target="_blank" style="color:#94908D; text-decoration:underline">Help Centre</a> or <a href="#" target="_blank" style="color:#94908D; text-decoration:underline">submit a request</a> to our Client Support team. </td></tr><tr><td valign="top" align="left" style="padding:0 0 16px"><table width="66%" align="left" border="0" cellspacing="0" cellpadding="0" role="presentation"><tbody><tr><td align="left" style="font-family:'FuturaPT','Roboto',Helvetica,Arial,sans-serif; font-weight:400; font-size:10px; line-height:120%; color:#94908D; text-align:left"><a href="#" target="_blank" style="color:#94908D; text-decoration:none">VIEW IN BROWSER</a> </td><td align="left" style="font-family:'FuturaPT','Roboto',Helvetica,Arial,sans-serif; font-weight:400; font-size:10px; line-height:120%; color:#94908D; text-align:left"><a href="#" target="_blank" style="color:#94908D; text-decoration:none">PRIVACY POLICY</a> </td><td align="left" style="font-family:'FuturaPT','Roboto',Helvetica,Arial,sans-serif; font-weight:400; font-size:10px; line-height:120%; color:#94908D; text-align:left"><a href="#" style="color:#94908D; text-decoration:none">UNSUBSCRIBE</a> </td></tr></tbody></table></td></tr><tr><td align="left" style="font-family:'FuturaPT','Roboto',Helvetica,Arial,sans-serif; font-weight:400; font-size:11px; line-height:120%; color:#94908D; text-align:left; padding:0 0 16px">TLDR is offered by Wealthsimple Media Inc. and is for informational purposes only. Any views expressed are those of the individual author and/or of Wealthsimple Media Inc., not of Wealthsimple Financial Corp or any of its other subsidiaries or affiliates. The content in TLDR is not investment advice, a recommendation to buy or sell assets or securities, nor any other kind of professional advice. TLDR is not a research report and should not serve as the basis for making investment decisions. Wealthsimple Media Inc. does not endorse any third-party views referenced in this content. When you invest, your money is at risk and it is possible that you may lose some or all of your investment. Past performance is not a guarantee of future results. Historical returns, hypothetical returns, expected returns and images included in this content are for illustrative purposes only. Always research before investing. </td></tr><tr><td align="left" style="font-family:'FuturaPT','Roboto',Helvetica,Arial,sans-serif; font-weight:400; font-size:11px; line-height:120%; color:#94908D; text-align:left; padding:0 0 16px">© 2024 Wealthsimple Media Inc. </td></tr></tbody></table></td></tr></tbody></table></td></tr></tbody></table></td></tr></tbody></table></center></body></html>
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