Obviously there are differences but I think the general point is correct. H/T @BenRabidoux

Francis Chou had this to say on Canadian real estate:

Among the G8 nations, Canada has done the best since the Great Recession of 2008 and has been
widely lauded for its fiscal and economic performance. Its real estate prices have reflected that
positive opinion. But therein lies the problem. In most countries, real estate prices have declined
substantially, while in most of Canada, especially in the big cities, prices have actually increased.
Based on ratios such as rent-to-house-price and disposable-income-to-house-price, Canadian house
prices are out of line with historical standards. In addition, household debt as a percentage of
disposable income is unprecedentedly high. This does not mean that Canadian real estate prices will
decline soon, but it does indicate that valuations are stretched. We would be cautious in this
environment. If there is a choice, it is better to rent rather than buy a house. However, if you are
determined to buy a house, we would urge you to do so without borrowing too much money.