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I do wonder what country will be the first one to ‘break’ and implement restrictions on buying homes. The current situation is not sustainable, and soon something will need to give.
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If there’s an affordability housing crisis at the level of Canada, where home prices are so wildly out of whack relative to median incomes, it’s IMO entirely reasonable to ban the purchase of investment properties in the single family homes market for anyone . This will never happen because of the political backlash, but housing as a speculative asset is fundamentally insane and corrosive to societies. Housing afford…
Too many people get hung up on the “house” being the thing rapidly appreciating when in areas like major Canadian metros it’s the _land_ sitting under the house that is becoming more and more valuable as the Canadian government is importing more and more full grown adults who need housing _today_ in those major metros.
> The central bank defines an investor as a buyer who took out a mortgage to buy the property while maintaining a mortgage on another home. In the US, a lot has been made about large investment companies buying up houses, but this is something different entirely: > This category represents homebuyers with multiple mortgaged properties. This means investors are homebuyers who either: > * purchase an investment propert…
If there’s an affordability housing crisis at the level of Canada, where home prices are so wildly out of whack relative to median incomes, it’s IMO entirely reasonable to ban the purchase of investment properties in the single family homes market for anyone . This will never happen because of the political backlash, but housing as a speculative asset is fundamentally insane and corrosive to societies. Housing afford…
I do wonder what country will be the first one to ‘break’ and implement restrictions on buying homes. The current situation is not sustainable, and soon something will need to give.
I do wonder what country will be the first one to ‘break’ and implement restrictions on buying homes. The current situation is not sustainable, and soon something will need to give.
Canada has very little private land ownership.The Federal Gov hoards land and creates a severe shortage of land for individuals to purchase. They need to open up the billions of acres of accessible land to 1st time buyers and then to existing property owners. Especially in the Province of Ontario. They also intentionally keep interest rates low so existing house/property owners can leverage their properties to buy mo…
The federal government doesn't "hoard" land around areas where people would want to purchase a first home. The vast majority of crown land is not around any major urban centers. Canadian tech workers make way above median income levels.
https://www.glassdoor.ca/Salaries/toronto-software-developer...
Not sure about Canada, but I make way above the median in tech in California and I have zero interest in buying a home. Having a home would be a huge hassle when I look for new work every 3 or 4 years. The math shows a home in almost any area in the USA is only a financial benefit after 8 or more years of staying in that home (compared to an apartment), when taking closing costs, maintenance, large upfront interest,…
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The political environment has associated that stance with right-wing Conservatism, and while that party does hold that belief, it's looked down upon by the Canadian centrists/left-wing parties. I'm not sure how to describe their solution to this issue, because I'm not sure there is a stated plan.
Still not clear whether they are mostly institutional or solo "mom and pop" second/multi-home buyers. Either way this was the inevitability of borrowing at virtually 0 interest for so long, with a high immigration rate guaranteeing perpetually increasing demand. It's like free money. They've recently increased the interest rates but it's woefully insufficient. The rate of housing starts needs to increase (this is fai…
What should it be? I'm sure you can push house prices down even more if you bump interest rates to 10% or whatever, but raising interest rates also increases monthly payments that buyers have to make, which ends up making houses less affordable. At the end of the day I care less about the sticker price of the house than the overall cost I have to pay for it.
Earlier quoted context omitted.
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Immigration remained mostly consistent and “definitely not ‘millions’” till last year when it hit 500,000 for some reason: https://www.statista.com/statistics/443063/number-of-immigra... The whole “millions of immigrants” is just a property of the recent alt-right attempt at a take over of HN. Looking around, it appears that immigration rates were raised due to aging population issues. While other places around the w…