I'm going to focus a bit on Vancouver.
You wrote, in a May 2023 article, the following:
Vancouver-area wages have stayed stubbornly flat (inflation-adjusted) while housing prices (also inflation-adjusted) have climbed by 400 per cent.
You went on:
Part of the explanation is that average wages and home prices are now separating everywhere in most of the developed world. And it does not seem to matter how rapidly new supply is added.
Can you outline why average wages and home prices are separating across the developed world? What's causing that?