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WHICH HOUSING MARKET WILL CRASH FIRST? — Canada, Australia, New Zealand or UK?

2,284 views · Published 16 April 2017 · 4:09 · Indexed 31 October 2026

Channel: Mike Martins · 2017 · News & Politics

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“Which country do you think is going to be the first one to click off the domino and everything else comes falling like a house of cards?” — Mike Martins

Today is Sunday, April 16, 2017, and I'm sitting here waiting for my family before we head into church. I wanted to make a quick video because I've been thinking about the Housing Crisis series and everything we've been discussing over the last several years.
When I first came to Vancouver roughly ten years ago, I remember looking at houses and asking a very simple question:
Why is this house $600,000?
People would tell me, “Because that's what it's worth. This is Vancouver.”
But that answer never made sense to me.
That was one of the things that motivated me to start researching housing, following international property markets and eventually organizing this Housing Crisis series.
Now, years later, we're seeing many of these same affordability problems appearing across several Commonwealth countries.
We've talked extensively about Canada, especially Vancouver and Toronto.
We're watching Australia, where property prices in places like Melbourne and Sydney have reached levels that seem completely disconnected from ordinary wages.
We're watching New Zealand, where housing affordability has become a major problem and some people are struggling simply to find adequate accommodation.
And now I'm looking at what's happening in England and the wider UK housing market.
To me, these aren't completely separate stories.
One of my biggest concerns is that housing is increasingly being treated as a place to park international money rather than somewhere ordinary people actually live.
When local workers become priced out, the consequences don't stop with homebuyers.
Businesses suffer too.
I've already discussed employers struggling to recruit qualified workers because those workers can't afford to live anywhere near the jobs. Eventually companies themselves may have to relocate.
So today I'm putting a question directly to you guys:
WHICH COMMONWEALTH HOUSING MARKET POPS FIRST?
Canada?
Australia?
New Zealand?
The United Kingdom?
Which one knocks over the first domino?
I thought many of these markets should have corrected much more dramatically following the 2008 financial crisis, but governments, central banks, credit conditions and various policies have helped keep housing markets moving.
So here's my second question:
If these markets don't experience a major correction this year, what new policies, regulations or financial mechanisms will be introduced to keep them going?
I don't know.
That's why I want to hear from you.
Pick ONE COUNTRY and tell me why.
Let's get a discussion going in the comments and see who gets this right.
Thanks for watching, guys. Big hug to everyone, and don't forget to subscribe.
— Mike Martins

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