The rhetoric about foreign investors has glossed over a much greater contributor to skyrocketing house prices in Canada: the shrinking supply of land.

Sean Speer told BNN that efforts from provincial and federal governments – Ottawa on Monday announced it would close loopholes for foreign real estate investors – are missing the mark on making housing affordable.

“I don’t think we can really begin to tackle this problem if we’re focused on a surface level instead of thinking about the deeper issues that are contributing to the problem”, says Speer.

The interview was based on MLI's recent report on house prices in Canada.

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