Many people are worried about Canada’s economy in recent months. The country’s real per capita GDP — the most common measure of living standards — has been falling for over a year now.

This is an inevitable consequence of the housing market being so out of whack there. It’s why we reconsidered and decided against emigration. Our standard of living would be in active freefall in Canada.

And it will only get worse unless Canada does something about how much a drag housing is on everything there. I predict they won’t, and it’ll lead to a 20-30% total from-peak decline in per capita GDP over the next decade or so.