Everything you said rings so true.
My younger relatives have already despaired of ever achieving home ownership. They've given up hope, and I honestly don't know what to advise them to do, because I don't see an answer for them either. Their weekly cost of living is more than they make, and they've already sold assets and/or defaulted on their credit cards.
I'm liquidating any exposure (not that it's a lot) I have to Canadian assets (thanks, Trudeau) because of what I observed with the Trucker Convoy. I just don't trust the Federal Govt anymore not to confiscate my investment (a summer getaway cottage) or make it inconvertible. And I really can't afford to keep it much longer anyway.
So you have capital and value-added processing jobs leaving, and people rushing in (to do what? I wonder). Meanwhile, irreplaceable resources are exported to the benefit of an elite few. Can't end well. At best, a Dickens-like class system looms ahead.
Of course the U.S. faces a similar fate down the road if it doesn't change direction soon. Four more years of the current administration may be enough to seal our doom.