[tharmas]

Excellent post!

It's structural. A big problem is the Banks. They would rather lend for asset accumulation (rent seeking) than for production. In Canada, mortgage lending is literally zero risk as the banks are covered via CHMC against any defaults. Ultimately its the tax payer who is on the hook. Hence the massive housing-based economy.

And none of the politicians ever fix the structure because many of them are property owners.