Quote:
Originally Posted by Winsor_Pilates
There was just some Stats Can info on Vancouver that showed 50% of Vancouver homes are mortgage free.
The % is even higher in wealthy Westside neighbourhoods with pricier homes; up to 64% in Oakridge.
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And then add in the homes with a late mortgage of a relatively low amount to free up capital, secondary investment properties, kids with rich parents, people who acquired mortgages 10+ years ago, etc...
There's no big sell off coming. And pushing a few young families out of their homes with a prolonged period of high mortgages isn't going to increase affordability. Those homes will be snapped up, at a slight discount, by the wealthy, and the housing crisis gets worse.
Canada needs more homes if it wants to ease the housing crisis.