Front Burner

'Too big to fail': COVID-19 and Canadian real estate

Could the “wealth-conjuring machine” that is Canadian real estate grind to a halt after the COVID-19 crises exposed its worst weaknesses?
A real estate sign that reads "For Sale" and "Sold Above Asking" stands in front of housing in Vaughan, a suburb in Toronto, Canada, May 24, 2017. REUTERS/Mark Blinch - RC1EC6FE40F0 (Mark Blinch/Reuters)
Listen to the full episode22:39

Could the "wealth-conjuring machine" that is Canadian real estate grind to a halt after the COVID-19 crisis exposed its worst weaknesses? That's the concern many who watch a sector that makes up a bigger part of the Canadian economy than oil and gas.

Today on Front Burner, Bloomberg News' Vancouver bureau chief Natalie Obiko Pearson returns to explain how real estate became such a significant part of the Canadian economy, how Canadians went deeply into debt, and why now, the housing market in Canada could be "too big to fail."