New Zealand has the same issue that Canada does, which is that there are too many incentives for buying housing as an investment. The end result is that housing

New Zealand has the same issue that Canada does, which is that there are too many incentives for buying housing as an investment. The end result is that housing prices have been spiking upward. This is due to not only global wealth, but also locals that have been trained to believe that housing is the only good retirement investment. Canada has finally taken some measures to reign this in, with the 15% foreign investor tax in BC and tougher mortgage rules, but a lot more needs to be done. NZ has finally started adding more regulation around housing investment as well, but I feel like they're still far behind where Canada is at.