Quote:
Originally Posted by GGG
I struggle to see this as a problem. The corporation is creating room for 2-4 new homes vs one senior living in a bungalow. The entire idea that neighborhoods should be static is an issue.
People have been priced out of single floor bungalows on large lots. That’s ok. It’s the reality of of the growth required to support their retirement on the taxes levels they paid.
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How is that a solution? If the corporation buys a house for $700,000, splits the land in half, and then sells two skinny houses on it for $1.4M each. Is that doing anything to really help the housing market?
The amount of land you buy is half and the cost is double. The corporation is winning on the profit front but I wouldn't say that the people are gaining much.
If the root cause of the housing crisis is that seniors are not moving out of their big houses then ask the question: Why are they not moving out of their houses that are too big for them?
- They want to have room for their kids and grandkids to come visit?
- They are comfortable where they are and do not want change?
- They do not see any interesting housing options that make them want to move out of their big house?
- They are not yet in a position in their life where they need assisted living and they think seniors buildings are only for assisted living?
However, I really do not think that seniors are the root cause of the housing crisis. They may contribute to the problem but I think there are many other issues that are worse:
- Corporations buying up housing as investments (this is why short term rentals are being banned from many jurisdictions)
- Corporations are buying and redeveloping property with ever increasing prices to further their profits
- Foreign investors parking their money in Canadian housing and letting them stand empty
- Lack of serious housing development strategies (I do not view the blanket rezoning as a serious strategy, it is more of a passive wishful thinking)
- Lack of affordable housing inventory
Picking from that list, I think a federal banning of foreign investors from buying Canadian land would be an easy win and would likely free up significantly more homes in a shorter amount of time (especially in places like Vancouver) than blanket rezoning.