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Good article and the excerpt from Rosenberg is correct. The house price vs gold is very telling about inflation...Another interesting chart would be income vs home prices. In the US the income and house price increase in most areas has been flat on in somewhat lock step.... In Canada home price increases have eclipsed income level increases by a wide margin. The current deficit spending by the government on Covid and other programs have no doubt contributed heavily to the issues of supply and demand. The other issue is government taxation on new construction which has further eroded housing starts as builders back off due to higher taxes offsetting margins (another issue brought to us by governments at all levels).

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“You either play the game, or the game plays you. There are no moral victories here.” So true!

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