Towards the end, the su was making products that nobody wanted because they were so shoddy. They essentially took good raw materials, and destroyed them, creating negative wealth.
Now we have Toronto condos. Despite a phoney housing shortage, the builders are creating micro-condos, designed as bitcoin for investors. Like bitcoin is never spent, these condos are never lived in. Who wants to rent out these days with our commie tenant agencies?
The banks are covering all this insanity. As with the Great Japan Fall, there must be a limit on how much they can hold. Nobody wants to be the first to crash the market. Doesn't look good at parties.
ps around the neighbourhood, in a very thin market, we have a general 20% reduction from peak.
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