In short, they're discouraging.
To be fair, other jurisdictions face most of these problems to a different degree. I think it's unique to Canada that the housing issue is outsized relative to most of our peer countries. In our view at MLI, this is primarily, but not solely, a supply issue. The federal government and the provinces need to look at all tools at their disposal to overcome some of the incentive barriers at the municipal level to increase supply.
Too much of any of those challenges is devastating. As I mentioned earlier, the economy-wide birth rate of businesses is very low here, and that probably explains why. However, housing in particular is something that governments need to be seized with as a major priority in the coming years.