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Housing needs to retain its value so politicians can stay in power. Appealing to homeowners with policies that enrich them is popular, but bad for everyone.
High housing prices are bad for the economy
Housing prices become high when there is a scarcity of houses in job markets. This means you will have a shortage of labour in those markets because people canโt afford to be there
And if you have a house + are paid well that is still bad for you because there will be less in your area for you
The place next door just got rebuilt as a fourplex, each unit of which is going for 1.6 million dollars. The mortgage would be $8k/month. I and my partner have no kids, no car, and both have solid incomes in union jobs. Our current rent is a hair under $1k/mo because we've been in this place awhile.
That mortgage plus taxes, utilities, would still be almost all our income. It's ridiculous.
It's like they know they lose next election and are just trying to leave the most broken mess in attempt to smear the next party
At this point PP wins by just saying he's not Trudeau, this is such a bad situation
PP is also doing his part to increase housing prices (at least in his platform)
Singh is the one against it and itโs not helping his numbers so this isnโt a relevant issue to Canadians
Yeah PP wins and this is about to get a whole lot worse. I'm afraid of the future here
Lmao how is selling my house and buying another ridiculously inflated house part of my retirement?
Look. I already told you. I deal with the goddamn customers so the engineers donโt have to. I have people skill. Iโm good at dealing with people. What the hell is wrong with you people!?
Here's my case for keeping housing prices high: the rich are largely insulated from fluctuations of the market. If housing prices drop then what's left of the middle class will be destroyed. Then the rich will come in to pick its corpse. Property will be concentrated even more in the hands of the rich and given 20 years we'll be in a worse position than before. I think what we need is to slowly increase housing supply while financially weakening the owner class. Eventually, housing prices will come down but the rich won't be able to buy all of it. But shocking the system in the short term will prevent any average Canadian from owning property ever again. We'll have to weather the storm for a while but things will get better. But I'm not a rocket economist, so feel free to refute this.
It would be dependent on why the drop occurs.
If it's because Canada become unfriendly to holding housing as a investment then I don't see how your scenario would be applicable. Specifically any scenario where Canada actually wants to keep housing affordable would mean people look elsewhere for investments.
I hear ya, but there's no side-stepping the fact that families who took out mortgages at the peak prices and peak rates and won't be able to sell to cover their cost and sinking deeper in debt. In other words affordability after years of neglect becomes challenging. If all the mortgages are erased or re-adjusted to new market state then maybe... however what to do with families that paid 80% mortgage and their house price dips 50%. They paid real money to the real bank who gets to keep the money while family's deficit from all those extra payments amounts to nothing, esp. if they were targeting it as retirement fund. Thus far I saw no proposals that don't destroy portion of non-rich population. ๐ Whoever comes up with solution will deserve Nobel prize.
The government let this bubble get so big, they should have to implement a system to determine if familes were forced to over leverage themselves just to own a home and offer a reasonable amount of relief to those families as that home becomes a more reasonable value.
Thus far I saw no proposals that donโt destroy portion of non-rich population.
I haven't seen any specific data for it but I would believe there a lot more people who don't own homes then those who are newer owners with limited equity. Out of the long and rather ambiguous list of items the Liberals introduced in the budget for housing the 20 million for StatCan to collect more housing data was probably the highlight for me.
Suddenly I want to buy an F-350 and a "F ๐ UCK TRUDEAU" flag. It's nice to see that every political party in Canada has finally united to fuck Canada.
Let's be real, those of us who can't afford housing can't afford a jacked up F350.
Bold to assume that current 350 owners can afford their 350s.
not that simple. Trudeu is a jerk etc. But in this case the only reasonable measure that will minimize damage is to prevent further price growth. Maybe allowing growth at "under inflation" rates which could soften the blow to poor saps that are neck-deep in mortgages.
I AM in a ridiculous mortgage and I would be thrilled to see housing prices stop growing for the next decade or so. Every time prices go up the city starts drooling and adds another 100 bucks to my property tax.
Another way to say this: if no one can afford housing, no one retires or has a nest egg.
That's a fact, but like, I'd prefer not to be homeless when I can't retire.