Quote:
Originally Posted by Scroopy Noopers
I agree with the first half of this.
The issue with the “cooling” due to decrease foreign capital inflow, is that foreign capital inflated prices to begin with. They shouldn’t have been driven up to the level they’re currently at. This is the problem.
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I agree 100%. Real estate prices have had a devastating effect on the economy and society here in Vancouver. There's been a mass exodus of young people, particularly those looking to start families. A large portion of the old privately run businesses have shut down. It's impossible to find good staff anywhere.
This is part of a larger societal problem in Canada right now, where an entire younger generation is being denied access to capital and their wages are not in line with the cost of living/capital. The Canadian economy is not in a good place right now, and due for a major correction.
The answer to economic problems for the last 15 years or so, has been to implement policies that kick the problem further down the road. We're now in a position where's there's not really a way to deal with the problems without short term pain.