Canada’s relentless focus on immigration does seem like Ponzi demography. Canada makes money to pay for gov’t benefits by adding on more and more (preferably young) immigrants who can work and fund expensive social programs via tax dollars. There are benefits to immigration, of course, but the costs are real too.

“Borrowers are tested for the ability to repay a mortgage at a higher rate, so defaults are unlikely”
Yeah right I know people who couldn’t get a mortgage through the front door of the bank based on thier salary. They found the back door of the same bank through a broker and getting million plus mortgages. I’m sure they had them pass any stress test thrown at them.

This has always been one of the funniest points people make. Like immigrants are endless pools of money that just keep coming regardless of how bad affordability becomes. What happens when those other countries become more developed?

Speaking theoretically, imagine what happens if it goes all 1991 and immigrants decide they’re going to dip?