Canada’s “no crash” housing narrative is falling apart. Power-of-sale listings are exploding in the GTA, delinquencies are rising faster than the 1990s, and even tiny arrears could wipe out big-bank profits. Airbnbs are getting banned, private businesses are closing, taxes are crushing families, and inflation is only “down” because the economy is breaking. Canada isn’t heading for a soft landing—it’s sliding into a full-blown depression, and most people have no idea.
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