There are a couple of Western countries that have combined a decade of terrible housing policy, banking policy, immigration policy, and every other government lever you could imagine; in order to generate an absolutely generation-crushing property bubble.
New Zealand, Canada, and Australia will all be catastrophic lessons in the future.
So when you see -25 sentiment in housing by Kiwis, it's much more severe than -35 in the US, because over 50% of the Kiwi economy is based on housing and associated services: https://figure.nz/chart/WRpSmBftC60lEu2q
Canada and Australia are similar stories.
Canada is probably the worst in that it intentionally is using immigrants to try to prop its rental market and suppress wages. This works well if you are intent on starting a golden era for slumlords, but it's also going to absolutely demolish quality of life and send food/energy costs screaming.
It's very likely we're at the apex of a golden era of incompetence in these three countries in particular, but the West broadly.
The Canadian government just doubled down on immigration to attempt to bring in 500,000 new immigrants per year[0]. Note, this does not include other sources of immigration, such as students and other types of international work visas.
Since most immigration goes to the major Canadian cities of Toronto, Vancouver and Montreal, there is a serious impact on housing and services. For reference, it's as if the US government committed to bringing in over 5 million immigrants per year and putting them in the 5 biggest metro areas, without any increase in housing development, education or health care.
This is also probably why the health care system is collapsing, why educational quality is decreasing and why housing prices have sky-rocketed to some of the most unaffordable in the entire world.
FWIW, housing sentiment according to the same survey is at -52, near the lowest level ever recorded, -60 in November 1981, and the same level as July 1981.
https://data.sca.isr.umich.edu/get-chart.php?y=2022&m=9&n=35...