David Foot was squirrelled away in a corner of the University of Toronto economics department when journalist Daniel Stoffman called him up to do a story on a Canadian real estate bubble that, at the time, had only recently popped.
The housing crash of 1989 caused chaos and plummeting prices, and left a bunch of homeowners wondering why they had paid so much, what had gone wrong and why they didn’t see it coming.
But Foot saw the end coming plain as day. Demographics, he theorized, provided the explanation. The population bulge born between