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Early public housing policy in Canada consisted of public-private lending schemes which focused on expanding home ownership among the middle class. [1] The first major housing initiative in Canada was the Dominion Housing Act of 1935, which increased the amount of credit available for mortgage loans.
The Bank of Canada began hiking interest rates on March 2 2022. [63] Later that same month, Oxford Economics forecasted a 24% drop in Canadian home prices by mid-2024, unless higher interest rates and anti-speculation policies fail. Were home prices to rise further (in this latter scenario), a crash of 40% and a financial crisis was to be expected.
Instead, the study of economic history in Canada is highly focused on economic geography, and for many years the dominant school of thought has been the staples thesis. This school of thought bases the study of the Canadian economy on the study of natural resources.
Regarding ownership inequality in Europe, data points to a positive relationship between age and home ownership. In England , those over 65 owned 35.8% of all houses in 2022, while they only represented 18.6% of the population in 2021. [ 21 ]
The average price of a home in Canada increased 17.1% to $779,000 in Q4 2021 compared to Q4 2020, according to a Royal LePage survey. [113] A 13 January 2022 Bank of Canada report examined three types of buyers in Canada, first-time home buyers (FTHBs), repeat homebuyers, and investors or multiple residential property owners. [114]
The economy of Canada is a highly developed mixed economy, [33] [34] [35] the world's ninth-largest as of 2024, and a nominal GDP of approximately US$2.117 trillion. [6] Canada is one of the world's largest trading nations, with a highly globalized economy. [36] In 2021, Canadian trade in goods and services reached $2.016 trillion. [37]
In 2024, Canada's federal government spending reached unprecedented levels, with the Trudeau government's spending patterns marking significant records in the economic history of Canada. Between 2018 and 2024, the administration recorded the seven highest years of per-person spending in Canada's history.
The history of Canada covers the period from the arrival of the Paleo-Indians to North America thousands of years ago to the present day. The lands encompassing present-day Canada have been inhabited for millennia by Indigenous peoples , with distinct trade networks, spiritual beliefs, and styles of social organization.