Quote:
Originally Posted by timun
I think the Liberals' failure to address housing affordability in any measurable way is going to be what ultimately sinks Trudeau. It's insanely expensive to find a place to live in this country, and real estate itself is at this point a giant Ponzi scheme that sucks a preposterously disproportionate amount of capital from our economy. The underlying fundamentals make no sense whatsoever. It's a generational issue that started about 20 years ago, but the complete and utter failure to act now and at any time in the last eight years is just... bafflingly stupid.
My elderly neighbour's family recently moved her into a nursing home and put her house on the market for $650,000. It was gone in less than a month. The house three doors down from me went up on the market this week: they want about $750,000, for what is frankly very much a fixer-upper. Three years ago they would have been lucky to get $550,000 for them; eight years ago perhaps $450,000. It's nucking futs out there.
Canadian housing is a modern-day "tulip mania" that cannot possibly do anything but burst, hard.
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I do sometimes wonder if our housing costs have been artificially lower than a lot of the rest of the world(I'll leave out the US), which is also one of the reasons we have such demand from foreign investors. If it wasn't undervalued, why invest? Are we just rising to where we should be, rather than it being a bubble?