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Housing Markets in G7 Countries: Inflation-Adjusted Home Prices for 1975-2023
1. Even after adjusting for inflation (PCE), Canadian home prices quadrupled (the highest increase in the G7!).
2. The United Kingdom also experienced rapid growth, driven by factors such as strict planning law, international investments, and accommodative monetary policies (similar to Canada).
3. Peak price periods were observed around 1990, 2006-7 (before the financial crisis), and 2021-22 (during the COVID era) in most G7 countries.
4. Japan and Italy nearly stagnated, primarily due to declining population and minimal foreign investment. Japan's prices remained stagnant after the burst of the housing bubble in the early 1990s.
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