1 00:00:03,120 --> 00:00:08,320 Speaker 1: Bloomberg Audio Studios, podcasts, radio news. 2 00:00:10,200 --> 00:00:13,560 Speaker 2: This is Canada, the country of dreams, where everyone I 3 00:00:13,600 --> 00:00:16,279 Speaker 2: have come across wants to move. I moved here in 4 00:00:16,320 --> 00:00:17,520 Speaker 2: August twenty twenty two. 5 00:00:17,960 --> 00:00:21,920 Speaker 3: That's A Kanksha biswas. She's twenty nine, works in advertising 6 00:00:22,040 --> 00:00:24,680 Speaker 3: and has a side hustle as a YouTube content creator. 7 00:00:25,400 --> 00:00:28,640 Speaker 3: A Kanksha is originally from India, but lived in Australia 8 00:00:28,680 --> 00:00:31,760 Speaker 3: for years until she made the move to Toronto two 9 00:00:31,880 --> 00:00:34,640 Speaker 3: years ago. This is from a video on her channel 10 00:00:34,680 --> 00:00:37,040 Speaker 3: where she talks about her decision to move to Canada. 11 00:00:37,760 --> 00:00:40,280 Speaker 2: There were obviously ups and downs in this journey, but 12 00:00:41,000 --> 00:00:42,600 Speaker 2: I knew this was the right thing. 13 00:00:43,720 --> 00:00:46,239 Speaker 3: A Kankshaw told me before the move, she had a 14 00:00:46,280 --> 00:00:48,600 Speaker 3: clear vision of what her life could be like once 15 00:00:48,640 --> 00:00:49,200 Speaker 3: she got there. 16 00:00:49,720 --> 00:00:53,120 Speaker 2: Canada always felt like a really attractive country because I 17 00:00:53,159 --> 00:00:55,120 Speaker 2: know a lot of people who moved here and whenever 18 00:00:55,120 --> 00:00:57,920 Speaker 2: I spoke to them, they always gave like really good reviews. 19 00:00:58,080 --> 00:01:00,360 Speaker 2: And my partner we thought, let's try out and then 20 00:01:00,480 --> 00:01:02,720 Speaker 2: see how it is, because the cost of living was 21 00:01:02,720 --> 00:01:03,840 Speaker 2: supposed to be lower heel. 22 00:01:05,640 --> 00:01:08,759 Speaker 3: But when a Kancsha arrived in Canada, she quickly realized 23 00:01:08,920 --> 00:01:12,480 Speaker 3: life there might be harder than she expected. It started 24 00:01:12,640 --> 00:01:13,680 Speaker 3: with her housing search. 25 00:01:14,360 --> 00:01:16,720 Speaker 2: When I came here and started looking, it just felt 26 00:01:16,800 --> 00:01:20,160 Speaker 2: like the prices were going up every single day. So 27 00:01:20,319 --> 00:01:21,959 Speaker 2: one day we are seeing a place for twenty two 28 00:01:22,000 --> 00:01:24,360 Speaker 2: hundred dollars a month. The next day we would say, 29 00:01:24,440 --> 00:01:27,000 Speaker 2: see the same listing about fifty dollars higher. 30 00:01:26,800 --> 00:01:28,399 Speaker 3: And then the panic starts to set in. You got 31 00:01:28,440 --> 00:01:31,319 Speaker 3: to find a place now or yesterday exactly. 32 00:01:31,440 --> 00:01:32,480 Speaker 2: That's what was happening. 33 00:01:34,200 --> 00:01:37,240 Speaker 3: A Kansha did eventually find a place, but she and 34 00:01:37,280 --> 00:01:40,559 Speaker 3: her partner are paying higher rent than they expected. That's 35 00:01:40,600 --> 00:01:43,639 Speaker 3: forced them to cut back on some expenses and save less, 36 00:01:44,160 --> 00:01:46,800 Speaker 3: and it's got her questioning whether Canada is really the 37 00:01:46,880 --> 00:01:49,240 Speaker 3: country of dreams she'd imagined. 38 00:01:49,760 --> 00:01:53,720 Speaker 2: That made us like reconsider like long term wouldn't be 39 00:01:53,800 --> 00:01:57,440 Speaker 2: feasible for us to live here, to stay in, like 40 00:01:58,000 --> 00:02:00,400 Speaker 2: in a country where it's so hard to photo house, 41 00:02:01,040 --> 00:02:03,000 Speaker 2: or whether raising a family would be all. 42 00:02:03,040 --> 00:02:06,320 Speaker 3: Right or not. Many young people like a Kancsha are 43 00:02:06,360 --> 00:02:10,080 Speaker 3: experiencing these kinds of cost of living strains. The post 44 00:02:10,120 --> 00:02:13,680 Speaker 3: pandemic boom and immigration in some countries is exposing growing 45 00:02:13,720 --> 00:02:17,360 Speaker 3: gaps between what's happening in the overall economy and at 46 00:02:17,360 --> 00:02:21,440 Speaker 3: the individual level. And nowhere is that disconnect clearer than 47 00:02:21,480 --> 00:02:22,959 Speaker 3: in the housing market. 48 00:02:23,360 --> 00:02:27,720 Speaker 1: One common thread that we see across the advanced economies Canada, Australia, 49 00:02:27,760 --> 00:02:32,640 Speaker 1: the UK IS is record immigration levels colliding with existing 50 00:02:32,960 --> 00:02:33,920 Speaker 1: housing shortages. 51 00:02:34,400 --> 00:02:37,639 Speaker 3: Randy tenthong Night is a Bloomberg Economics and government reporter 52 00:02:37,760 --> 00:02:38,639 Speaker 3: based in Ottawa. 53 00:02:39,000 --> 00:02:42,960 Speaker 1: Housing shortages have always been the issue, and so with 54 00:02:43,080 --> 00:02:46,680 Speaker 1: the new demand coming in, that's this worsen the problem. 55 00:02:48,160 --> 00:02:51,359 Speaker 3: On today's show, we talk with Randy about how decades 56 00:02:51,360 --> 00:02:54,639 Speaker 3: of underbuilding is catching up with cities just as they 57 00:02:54,680 --> 00:02:58,119 Speaker 3: need even more homes for new arrivals. How we got 58 00:02:58,160 --> 00:03:00,760 Speaker 3: here and what local leaders are planning to do about it. 59 00:03:01,360 --> 00:03:05,080 Speaker 3: That's coming up. I'm Sarah Holder. This is the big 60 00:03:05,120 --> 00:03:14,960 Speaker 3: take from Bloomberg News. In the past few years. One 61 00:03:15,000 --> 00:03:18,000 Speaker 3: country that's seen a very rapid increase in new residence 62 00:03:18,200 --> 00:03:21,639 Speaker 3: is Randy's home base of Canada. And while immigration has 63 00:03:21,639 --> 00:03:24,760 Speaker 3: become a hot topic in the US, Randy says are 64 00:03:24,840 --> 00:03:28,680 Speaker 3: country's immigration rates actually pale in comparison to Canada's. 65 00:03:29,040 --> 00:03:33,160 Speaker 1: To put it in perspective, so for every one thousand residents, 66 00:03:33,480 --> 00:03:37,480 Speaker 1: Canada brought in thirty two people over the past year 67 00:03:37,560 --> 00:03:41,000 Speaker 1: and compare with less than fewer than ten in the US. 68 00:03:41,440 --> 00:03:45,480 Speaker 3: Canada's government encouraged this population growth with policies that made 69 00:03:45,480 --> 00:03:48,000 Speaker 3: it a lot easier for people to move there, like 70 00:03:48,080 --> 00:03:51,800 Speaker 3: few limits on temporary migration into the country and ambitious 71 00:03:51,840 --> 00:03:56,400 Speaker 3: permanent immigration targets. When asked about these policies earlier this year, 72 00:03:56,560 --> 00:04:01,640 Speaker 3: Canada's Prime Minister Justin Trudeau was unequivocally support One of 73 00:04:01,680 --> 00:04:05,560 Speaker 3: the things that Canadians understand is that immigration remains an 74 00:04:05,560 --> 00:04:09,520 Speaker 3: incredible strength and force for Canada and for the Canadian economy. 75 00:04:09,920 --> 00:04:13,200 Speaker 3: Canada's embrace of immigration was partly driven by a desire 76 00:04:13,280 --> 00:04:16,760 Speaker 3: to boost its economy. New migrants have long helped fuel 77 00:04:16,800 --> 00:04:20,680 Speaker 3: the economic growth of other countries dealing with aging populations, 78 00:04:20,800 --> 00:04:23,200 Speaker 3: declining birth rates, and labor shortages. 79 00:04:24,200 --> 00:04:28,480 Speaker 1: For decades, advanced economies used to be able to rely 80 00:04:28,600 --> 00:04:34,240 Speaker 1: on immigrants to expand workforces and boost economic output, and 81 00:04:34,320 --> 00:04:38,000 Speaker 1: more recently these countries started grappling with the economic drag 82 00:04:38,080 --> 00:04:41,360 Speaker 1: from aging populations, they started relying more on newcomers to 83 00:04:41,720 --> 00:04:45,679 Speaker 1: fill in some of the shortages. So for a long time, 84 00:04:45,760 --> 00:04:49,880 Speaker 1: even though there were more people coming in sharing the 85 00:04:49,920 --> 00:04:53,200 Speaker 1: pie in these economies, the size of the pie also 86 00:04:53,440 --> 00:04:57,400 Speaker 1: grew larger and we ended up with bigger slices, but 87 00:04:57,800 --> 00:04:59,239 Speaker 1: that's not what we're seeing right now. 88 00:04:59,480 --> 00:05:02,799 Speaker 3: Randy said that while Canada's economy has avoided a recession 89 00:05:03,000 --> 00:05:06,720 Speaker 3: and is growing, many residents aren't seeing their own economic 90 00:05:06,800 --> 00:05:08,599 Speaker 3: prospects advance at the same rate. 91 00:05:09,360 --> 00:05:14,800 Speaker 1: If you're looking at a per person basis, some households, 92 00:05:14,880 --> 00:05:20,039 Speaker 1: some people, especially younger generations and immigrants themselves, they're not 93 00:05:20,240 --> 00:05:22,560 Speaker 1: moving ahead at all. A lot of people in the 94 00:05:22,600 --> 00:05:25,360 Speaker 1: younger generations to look back and think, wait, my life 95 00:05:25,520 --> 00:05:28,520 Speaker 1: was better a year ago, or they were better off 96 00:05:28,560 --> 00:05:32,640 Speaker 1: a year ago, and this leads to general anxiety that 97 00:05:32,920 --> 00:05:36,200 Speaker 1: people are feeling that there were dissatisfied with how the 98 00:05:36,240 --> 00:05:37,840 Speaker 1: economy is growing. 99 00:05:38,240 --> 00:05:42,240 Speaker 3: Randy says Canada's immigration and housing policies were not made 100 00:05:42,400 --> 00:05:44,599 Speaker 3: with the current economic landscape in mind. 101 00:05:44,839 --> 00:05:48,839 Speaker 1: There's nothing wrong with having an ambitious immigration policy, but 102 00:05:48,960 --> 00:05:52,600 Speaker 1: that aspiration has to be matched with equally ambitious planning. 103 00:05:53,520 --> 00:05:57,920 Speaker 1: Immigration led population growth, especially at the pace and scale 104 00:05:58,040 --> 00:06:02,520 Speaker 1: we've seen after the pandemic, I think requires a change 105 00:06:02,520 --> 00:06:06,479 Speaker 1: in the way we do things, especially on housing. We 106 00:06:06,720 --> 00:06:10,400 Speaker 1: can rely on the same forces hoping that the market 107 00:06:10,400 --> 00:06:11,680 Speaker 1: will eventually cash. 108 00:06:11,480 --> 00:06:14,240 Speaker 3: Up what Randy's talking about is a problem that's been 109 00:06:14,320 --> 00:06:17,680 Speaker 3: driving the affordable housing crisis in cities all around the world. 110 00:06:18,160 --> 00:06:22,120 Speaker 3: There isn't enough housing supply to meet the demand. In Canada, 111 00:06:22,320 --> 00:06:26,920 Speaker 3: recent immigration has only ratcheted up that demand. While two 112 00:06:26,960 --> 00:06:29,600 Speaker 3: point four million people came to Canada in the past 113 00:06:29,640 --> 00:06:32,839 Speaker 3: two years, the country added less than five hundred thousand 114 00:06:32,960 --> 00:06:36,560 Speaker 3: units of housing. That means Canada absorbed a population larger 115 00:06:36,600 --> 00:06:39,760 Speaker 3: than the entire state of New Mexico while building barely 116 00:06:39,880 --> 00:06:42,560 Speaker 3: enough to house the population of Albuquerque. 117 00:06:42,920 --> 00:06:46,400 Speaker 1: The immigration isn't really to blame for this housing problem, 118 00:06:46,560 --> 00:06:48,680 Speaker 1: and I want to point out that this is also 119 00:06:48,760 --> 00:06:51,960 Speaker 1: happening across a lot of advanced economy in Australia and 120 00:06:52,000 --> 00:06:55,920 Speaker 1: in the UK as well. That there are regulations that 121 00:06:56,040 --> 00:07:01,480 Speaker 1: restrict higher density housing. There are rules from municipalities that 122 00:07:01,480 --> 00:07:06,279 Speaker 1: doesn't really support growth, right, there's nimbiism that doesn't really 123 00:07:06,320 --> 00:07:09,000 Speaker 1: give way to new developments. There's a lot of things 124 00:07:09,000 --> 00:07:13,000 Speaker 1: that's going on, but overall it is sort of create 125 00:07:13,120 --> 00:07:18,600 Speaker 1: this environment where the country can't really build enough houses 126 00:07:18,640 --> 00:07:23,360 Speaker 1: for this growing population. And when you add large influxes 127 00:07:23,400 --> 00:07:26,240 Speaker 1: of immigrants in a short period of time, that's sort 128 00:07:26,280 --> 00:07:29,920 Speaker 1: of worsening the housing shortages that we've seen. 129 00:07:30,200 --> 00:07:33,160 Speaker 3: With supplies, so limited homes on the market have become 130 00:07:33,240 --> 00:07:36,320 Speaker 3: a lot more expensive to rent or buy. And Randy 131 00:07:36,320 --> 00:07:39,600 Speaker 3: says that in Canada, wages and income growth haven't kept 132 00:07:39,680 --> 00:07:41,000 Speaker 3: up with these higher prices. 133 00:07:41,600 --> 00:07:46,200 Speaker 1: Millions of Americans are also facing housing affordability crisis, but 134 00:07:46,760 --> 00:07:50,480 Speaker 1: their real disposable income growth has stayed above the rise 135 00:07:50,600 --> 00:07:53,440 Speaker 1: in home prices over much of the past two decades, right, 136 00:07:53,480 --> 00:07:57,400 Speaker 1: but not so much in Canada or in Australia. Now, 137 00:07:57,800 --> 00:08:02,040 Speaker 1: for example, the median price for homes in Toronto is 138 00:08:02,080 --> 00:08:06,120 Speaker 1: now one point three million Canadian dollars, and that's nearly 139 00:08:06,160 --> 00:08:09,920 Speaker 1: three times that of Chicago, a comparable US city. So 140 00:08:10,360 --> 00:08:13,960 Speaker 1: you can see that housing affordability is not just about 141 00:08:14,120 --> 00:08:17,600 Speaker 1: home prices, but also about income growth as well. 142 00:08:17,960 --> 00:08:21,400 Speaker 3: Randy says that he's experienced the shock of Ottawa's rising 143 00:08:21,440 --> 00:08:23,080 Speaker 3: housing costs firsthand. 144 00:08:23,760 --> 00:08:28,119 Speaker 1: So my rents, for example, went up fourteen percent this year. 145 00:08:28,360 --> 00:08:29,600 Speaker 2: Wow. Yeah. 146 00:08:29,680 --> 00:08:33,760 Speaker 1: So and that's to show what does tumbling living standards 147 00:08:33,760 --> 00:08:36,200 Speaker 1: look like for an average person. But for me, it's 148 00:08:36,280 --> 00:08:38,600 Speaker 1: not going to be a dramatic change, right, But it's 149 00:08:38,640 --> 00:08:42,080 Speaker 1: about slow adjustment, cutting back on some expenses to make 150 00:08:42,160 --> 00:08:44,800 Speaker 1: up for this higher rents and other housing costs that 151 00:08:45,120 --> 00:08:47,880 Speaker 1: we've seen. And it's not just me, it's my friends, 152 00:08:47,600 --> 00:08:51,000 Speaker 1: it's people that I spoke with a lot of immigrants 153 00:08:51,040 --> 00:08:53,160 Speaker 1: that are facing a similar situation. 154 00:08:53,480 --> 00:08:56,400 Speaker 3: Coming up after the break. Since it will take government's 155 00:08:56,440 --> 00:08:59,360 Speaker 3: time to build the millions of new homes needed, some 156 00:08:59,400 --> 00:09:01,680 Speaker 3: of them are focusing on what they see as a 157 00:09:01,720 --> 00:09:10,480 Speaker 3: shorter term fix, letting fewer people into their countries. We're 158 00:09:10,480 --> 00:09:14,640 Speaker 3: back before the break, Bloomberg reporter Randy Tanthong Knight was 159 00:09:14,679 --> 00:09:18,120 Speaker 3: telling us the countries like Canada have a problem. They 160 00:09:18,160 --> 00:09:20,280 Speaker 3: have a lot of people coming in and not a 161 00:09:20,320 --> 00:09:23,960 Speaker 3: lot of housing getting off the ground. One obvious fix 162 00:09:24,559 --> 00:09:25,160 Speaker 3: build more. 163 00:09:25,679 --> 00:09:30,280 Speaker 1: The Canadian government wants to add nearly four million homes 164 00:09:30,320 --> 00:09:34,240 Speaker 1: by twenty thirty one to restore affordability, but that means 165 00:09:34,320 --> 00:09:37,840 Speaker 1: doubling the pace of average annual housing starts that we've 166 00:09:37,880 --> 00:09:41,080 Speaker 1: seen in recent years. Rights and similarly, the Australian government 167 00:09:41,120 --> 00:09:43,520 Speaker 1: set a goal of one point two million new homes 168 00:09:43,760 --> 00:09:47,120 Speaker 1: by twenty twenty nine, for example, and the industry players 169 00:09:47,400 --> 00:09:50,439 Speaker 1: there said that looks increasingly unachievable. 170 00:09:50,760 --> 00:09:53,800 Speaker 3: Part of the problem is a construction labor shortage, something 171 00:09:53,840 --> 00:09:56,240 Speaker 3: that the housing crisis can also exacerbate. 172 00:09:56,679 --> 00:10:00,400 Speaker 1: We've seen this playing out across these economy and there's 173 00:10:00,400 --> 00:10:03,679 Speaker 1: a dilemma, sort of a cash twenty two situation where 174 00:10:04,280 --> 00:10:08,160 Speaker 1: we need more workers skew trades people to help build 175 00:10:08,240 --> 00:10:11,600 Speaker 1: more homes, but at the same time, we need more 176 00:10:11,640 --> 00:10:14,640 Speaker 1: homes to house these workers and many more. So where 177 00:10:14,640 --> 00:10:15,720 Speaker 1: do you fix this first? 178 00:10:15,960 --> 00:10:17,840 Speaker 3: This seems like a vicious cycle. 179 00:10:18,080 --> 00:10:20,800 Speaker 1: Yes it is, and part of the problem is a 180 00:10:20,840 --> 00:10:23,760 Speaker 1: mismatch in labor demand and supply that we've seen right. 181 00:10:23,880 --> 00:10:27,960 Speaker 1: It's also the under utilization of their skills. If we 182 00:10:28,000 --> 00:10:31,200 Speaker 1: look at the type of jobs newcomers have, it's not 183 00:10:31,240 --> 00:10:34,880 Speaker 1: as common to see skew trades or carpenters or plumbers, 184 00:10:35,160 --> 00:10:38,680 Speaker 1: and some of that have to do with certification, lack 185 00:10:38,720 --> 00:10:43,640 Speaker 1: of recognition of foreign experience and training, which adds to 186 00:10:43,720 --> 00:10:47,240 Speaker 1: the barrier of newcomers going into those sectors. 187 00:10:47,440 --> 00:10:50,760 Speaker 3: And how have political leaders responded to these issues? What 188 00:10:50,800 --> 00:10:52,880 Speaker 3: are they doing about the housing crisis? 189 00:10:53,440 --> 00:10:59,080 Speaker 1: The clearest strain from immigration that we've seen is in housing, 190 00:10:59,120 --> 00:11:04,360 Speaker 1: and it it takes years to address this supply issues, 191 00:11:04,480 --> 00:11:08,400 Speaker 1: especially when there's already an existing shortages even before you 192 00:11:08,480 --> 00:11:13,240 Speaker 1: started bringing in new people. We start seeing governments cutting 193 00:11:13,320 --> 00:11:16,240 Speaker 1: back on the demand side of the equation, and that 194 00:11:16,400 --> 00:11:21,440 Speaker 1: means limiting the inflows of immigrants. So for Canada, the 195 00:11:21,480 --> 00:11:24,520 Speaker 1: government here sets a target to cut the population of 196 00:11:24,640 --> 00:11:29,040 Speaker 1: temporary workers, international students and asylum seekers by twenty percent 197 00:11:29,120 --> 00:11:32,240 Speaker 1: over the next three years, right, and that's roughly about 198 00:11:32,679 --> 00:11:36,360 Speaker 1: half a million people. The Australian government is also cracking 199 00:11:36,400 --> 00:11:40,440 Speaker 1: down on student visas, and this adjustment, I think is 200 00:11:40,480 --> 00:11:45,439 Speaker 1: an acknowledgment that there are limits to immigration fueled population 201 00:11:45,520 --> 00:11:50,640 Speaker 1: growth and that once new arrivals sort of exceed the 202 00:11:50,640 --> 00:11:55,079 Speaker 1: capacity of the country to absorb them, the standards of 203 00:11:55,160 --> 00:11:57,800 Speaker 1: living actually started to decline. 204 00:12:00,040 --> 00:12:02,520 Speaker 3: Longer it takes to fix this problem, the more likely 205 00:12:02,559 --> 00:12:05,880 Speaker 3: it is that immigration itself will become a convenient scapegoat, 206 00:12:06,280 --> 00:12:10,240 Speaker 3: and that anti immigrant sentiment may grow in these countries. Recently, 207 00:12:10,360 --> 00:12:13,080 Speaker 3: a long running Canadian poll showed a sharp drop in 208 00:12:13,120 --> 00:12:17,080 Speaker 3: public support for immigration. Forty four percent of respondents agreed 209 00:12:17,120 --> 00:12:20,440 Speaker 3: with the statement there's too much immigration to Canada, compared 210 00:12:20,440 --> 00:12:23,600 Speaker 3: with just twenty seven percent last year. Among people who 211 00:12:23,640 --> 00:12:26,840 Speaker 3: said that Canada accepts too many immigrants, the most widely 212 00:12:26,880 --> 00:12:29,240 Speaker 3: cited reason was that they may be driving up housing 213 00:12:29,280 --> 00:12:31,400 Speaker 3: prices or making fewer homes available. 214 00:12:32,440 --> 00:12:36,560 Speaker 1: We've already seen government started to adjust some of the 215 00:12:36,600 --> 00:12:41,400 Speaker 1: policy to respond to this backlash. And so the longer 216 00:12:41,440 --> 00:12:44,680 Speaker 1: this type of problem go on, and if somehow some 217 00:12:44,760 --> 00:12:50,240 Speaker 1: political party use anti immigrant stands to win an election, 218 00:12:50,679 --> 00:12:55,040 Speaker 1: that could really reverse the course of what we've seen 219 00:12:55,240 --> 00:12:57,679 Speaker 1: over the past years. Right that we a lot of 220 00:12:57,760 --> 00:13:02,600 Speaker 1: advanced economies have relied so much on immigration to state 221 00:13:02,760 --> 00:13:07,000 Speaker 1: of economic drag from the economic drag from Asian populations, 222 00:13:07,040 --> 00:13:09,760 Speaker 1: and if that were to reverse, there might be a 223 00:13:09,840 --> 00:13:12,160 Speaker 1: longer term consequences. 224 00:13:12,600 --> 00:13:15,200 Speaker 3: As for a Kancia, the twenty nine year old Toronto 225 00:13:15,280 --> 00:13:18,160 Speaker 3: resident we heard from earlier, she's made a big decision 226 00:13:18,720 --> 00:13:22,840 Speaker 3: to leave Canada behind. She applied for permanent residents back 227 00:13:22,840 --> 00:13:25,200 Speaker 3: in Australia and recently got good news. 228 00:13:25,720 --> 00:13:28,000 Speaker 2: Last year, we started thinking about it and then we 229 00:13:28,120 --> 00:13:31,439 Speaker 2: just applied. We got the invite from Australia, so we 230 00:13:31,440 --> 00:13:33,520 Speaker 2: were like, okay, we got it. Now I think it's 231 00:13:33,559 --> 00:13:34,120 Speaker 2: time to move. 232 00:13:34,440 --> 00:13:37,240 Speaker 3: But since Australia is facing many of the same housing 233 00:13:37,320 --> 00:13:40,960 Speaker 3: challenges as Canada, I had to ask is she worried 234 00:13:41,040 --> 00:13:43,160 Speaker 3: about finding an affordable place there too? 235 00:13:43,720 --> 00:13:44,559 Speaker 1: I actually yes. 236 00:13:45,520 --> 00:13:47,800 Speaker 2: When we were thinking about moving back to Australia. I 237 00:13:48,160 --> 00:13:50,880 Speaker 2: was considering the fact that I will be able to 238 00:13:51,000 --> 00:13:54,560 Speaker 2: vold a house in Australia as well. Keeping Sydney aside. 239 00:13:54,559 --> 00:13:57,760 Speaker 2: I looked at other cities like Melbourne and Brisbane and 240 00:13:58,280 --> 00:14:01,360 Speaker 2: there are houses that are still affordable in those cities. 241 00:14:01,720 --> 00:14:04,080 Speaker 2: It's exciting, but I have no idea what's going to happen. 242 00:14:06,600 --> 00:14:09,559 Speaker 3: Thanks for listening to The Big Take podcast from Bloomberg News. 243 00:14:09,920 --> 00:14:13,840 Speaker 3: I'm Sarah Holder. This episode was produced by Adrianna Tapia. 244 00:14:14,040 --> 00:14:16,840 Speaker 3: It was edited by Caitlin Kenney and Malcolm Scott. It 245 00:14:16,960 --> 00:14:19,640 Speaker 3: was mixed by Blake Maples. It was fact checked by 246 00:14:19,720 --> 00:14:23,600 Speaker 3: Jessica Beck. Naomi Shaven is our senior producer. Our senior 247 00:14:23,680 --> 00:14:26,920 Speaker 3: editor is Elizabeth Ponso. The cole Beeamster Bor is our 248 00:14:26,960 --> 00:14:31,040 Speaker 3: executive producer. Sage Bauman is Bloomberg's head of Podcasts. Please 249 00:14:31,080 --> 00:14:34,240 Speaker 3: subscribe and review The Big Take wherever you listen to podcasts. 250 00:14:34,360 --> 00:14:37,360 Speaker 3: It helps new listeners find the show. Thanks for listening. 251 00:14:37,560 --> 00:14:38,880 Speaker 3: We'll be back tomorrow.