Quote:
Originally Posted by Fire of the Phoenix
Out of curiosity, what would you like to see happen with housing prices?
It's not like the government is ever going to be able to put a cap on them if that's what you mean.
It's a local issue. Each market is different and always at least slightly in flux, it would be very hard to regulate and it would also be perceived as communist and would lead to that government being eviscerated in the next election.
No one has a right to own a house. If you can't afford it, maybe set your sights a little lower with a start up home/fixer upper or just rent.
The worst thing the government could do would be to make it easier for people to get mortgages, it's stupidly easy as it is.
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The federal government is in charge of the the tax act and immigration policies. It's not a local issue. Various other nations, most notably Australia, have started putting up restrictions on a national level. Britain is also doing it. I don't see why Canada can't follow the lead.
The solution is pretty simple. You tax foreign investors until the market cools off.
And setting my sights lower is absurd. I live in Vancouver. A fixer upper costs 1.5 million. And no I shouldn't be forced to move my family/career or rent for the rest of my life (I have a household income well North of 200k). It's the governments job to do something for its citizens. Having the entire population entirely priced out of the major cities is an issue. Even in Calgary, where the job market is currently abysmal, the housing prices are continuing to rise.