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Currently, more than 10 per cent of Canada’s GDP is derived from residential real estate activity: renovations, ownership transfer costs and real estate commissions. [1]

[1] https://nationalpost.com/news/canada/canadas-unhinged-housin...

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Renovations are actually a tangible benefit, while ownership transfer costs and real estate fees are more of an indicator of high liquidity, but they don't actually provide value for people seeking housing.

Is 10% == "almost entirely"?

Jun 2021: Canada Is Now 50% More Dependent On Housing Than The US At Peak Bubble:

https://betterdwelling.com/canada-is-now-50-more-dependent-o...

The S&P was flat for 6 years following 2007 in the US. Doesn't seem like a good path to follow.

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