> I don't understand why this would just be a supply-side issue Rates are low everywhere, but housing costs are not exploding everywhere (in the West). Even wi

> I don't understand why this would just be a supply-side issue Rates are low everywhere, but housing costs are not exploding everywhere (in the West). Even with-in a single country like Canada, in the Toronto/SW-Ontario area prices are way up, but the Prairies are flat/down in most places. > rather than a huge demand-side issue given asset price inflation consequent from QE, the expansion of private credit and the financialization of housing over recent times. Some of the Commonwealth countries (CA, AU, NZ) have the higher rates compared to other countries (DE, CH, JP, FR), and yet have higher housing price rises: * https://twitter.com/MikePMoffatt/status/1446515836504743956 https://twitter.com/MikePMoffatt/status/1446515836504743956 You'd think the cheaper-debt countries would have the bigger rises in prices. In Toronto/GTA, prices have been going rising especially since 2015, when there was no QE going on. But there was a whole bunch more immigration without corresponding construction.