[cmrdporcupine]

I think the point is that when zero % interest rates came along in 2008, Canadian investors piled their money into real estate -- because we hadn't suffered the same crash as the US and it was still a reasonable investment that was humming along at at least 6-7% a year (and often way way higher) in gains.

But in the US that was a "shit investment overnight" and it took many years to recover. So if you were looking for a place to park money, you maybe put it into more productive sectors, or tech, etc.

(Another factor is that for a few years around 2011, 2012 the Canadian dollar somehow hit parity with the USD. As a result many Canadians piled in hardcore into the US market and saw big gains from that when USD/CAD went back to its normal ratio)