One big difference between Canada and the US is tax policy related to housing. In Canada, you don't pay capital gains on the sale of your home. In the USA you do if the gain was over $250k ($500k if you're married). So this creates a huge incentive in Canada to buy a house, renovate it while you live there, and then sell it and apply the entire gain to your next purchase.
It means Canadians who are already in the system can afford a lot more house in their subsequent purchases, especially at the high end.
It means Canadians who are already in the system can afford a lot more house in their subsequent purchases, especially at the high end.