Quote:
Originally Posted by CliffFletcher
But 83 per cent of young families still want to live in detached homes.
https://www.huffingtonpost.ca/2018/1...ip_a_23576914/
You would have a glut of condos, many sitting empty, while bidding wars continued on houses.
The great majority of homes bought by first time buyers today are heavily subsidized by parents. All of that boomer wealth is starting to be transferred to their children. If an extra $100k in downpayment is enough to ensure the grandkids won’t be raised in a condo, the bank of mom and dad will happily oblige.
https://www.theglobeandmail.com/opin...-is-under-way/
And recent efforts to stem foreign buyers from using Canadian real estate as a way to stash wealth are half-hearted and difficult to enforce. Taxes are imposed on properties sitting empty? Let a nephew or family acquaintance live rent-free in a $3 million property while they go to school. Problem solved.
If Canadian governments were really serious about cutting off foreign money in Canada’s real estate market, they would impose New Zealand’s restrictions on foreign ownership. But they won’t, because they aren’t. |
That's fine, buckaroo, but in a very urban setting with land restrictions, like Vancouver, you should build condos. We still have a ton of suburbs in the Lower Mainland.
Or townhomes, or quadplexes or anything to make the land base more efficient.
This isn’t a foreign buyer problem. New Zealand is seeing massive price increases now too. It’s supply. Pure and simple.