Two days ago I was forwarded this reddit thread by a regular reader. It went into detail as to why people should never expect housing prices to come down. It was a great read, but I say that in past tense because when I went to write this piece all I found was this.
No racial slurs were used, but the tiniest exposure to reality was enough to cause the mods to cope, seethe, and dilate the original post out of existence. Luckily, the comments remain up.
Economic downtown doesn’t matter anymore.
Our politicians are dead-set on importing as many people as possible and that means there is no shortage of rich foreigners that will continue to invest and prop prices up.
Prices will never go down again.
User Trendiggity chimes in further down.
Immigration =/= foreign investment
I deliver mail. There are entire neighbourhoods of (generally middle class) subdivisions I deliver to that are now entirely Indian and Chinese names on the mail. And 75% of those mailboxes are overflowing because no one lives in these houses. I clean the mailbox out every couple of months, and then fill it back up again with bills, government letters, and financial mail coming from the US and abroad.
The grass is 4 feet high and the windows are covered. These properties (and many, many more in my city) were bought up in a frenzy when we announced the (sort of) ban on foreign owners because we gave them months upon months before the deadline to do so. And now they sit empty while there are people scrambling to find housing.
(And even now that “ban” has mostly been, and very quietly I might add, rescinded)
The butthole-left made a big deal out of a tepid ban on foreign speculation in real estate. They passed a “ban,” on them owning Canadian property, that does not appear to be enforced, and probably contained about a billion loopholes anyway. While the trannisarries deleted the original post, OP responds later on in the thread.
I don’t post here often because people hate reality. People also don’t pay attention to the economy or economic indicators in this country. Canada is currently on track to be a poorer country than Italy by 2065.
There is no economy and no money is invested in anything useful or job creating. Everyone trading a scarce number of houses isn’t an economy.
Immigrants will also stop coming when things start falling apart. A huge portiom of the population have a second citizenship and can abandon Canada when things fall apart. None of the political parties have any sort of solid economic plan, so you can’t even point fingers at the other guy and blame them.
Protectionism from foreign companies as well has created the oligopoly situation resulting in sky high prices. Poor government incentives for people to actually invest in productive businesses that create jobs, combines with easy access to cheap immigrant labour (at no fault to the immigrants) leads to poor paying jobs. It’s a perfect economic shit storm and in the future Canada will be used as a textbook example of how not to run an economy.
I don’t like to overly bold comments, but it’s just so eye opening to see common sense shine through on Reddit of all places. Yes, the cult of GDP is nonsense, and people speculating on ever rising housing prices produces nothing for the long term health of a society. Canada is a fake country, with a fake economy and a fake “nationality.”
Well, my wife and I moved here 12 years ago and it’s been a good run, so far. We are doing well financially speaking even though the latest rate hikes are killing us. But we also understand we are now getting the worst of both North America (low vacation time, no decent infrastructure, no proper healthcare and education systems) and Europe (shitty security, low wages, high taxes, decaying investment opportunities).
10 years ago this country was the freaking El Dorado for us, coming from a western European country. Now? We are cheap labour for US companies, we pay a truck load of taxes for no services in return and my wife is now, for the first time in 10 years, afraid to go on the subway alone. Plus everything is expensive and bad quality.
So yeah, looking at going back to Europe or to find a job in the US. At least tech workers are getting paid a decent amount in the south.
Once again we see normal people, even reddit posters, complaining that their number one public transit wish would be for it to be less dangerous. It’s weird, because the traffic trannies have assured me that this isn’t real.
User Reyhne chimes in,
Casually removing part of the sentence to fit the narrative. You missed the “for no services”.
Paying taxes is not the problem. I’d be more than happy paying Swedish or Norwegian rates if I got something in return. All I get in QC is no access to see a doctor when I need to, dilapilated municipal infrastructure and a hobo that moved on my street and openly does drugs.
Well enough of this whining. Let’s see what the experts have as a proposed solution to the housing problem!
There is a new fashion among the commentariat of –
You know what? No. I’m not even going to entertain this nonsense long enough to debunk it. The reason why you can’t afford a house is because the Justin Trudeau’s of the world think that it’s hilarious for you to be poorer than your parents. Remove the malicious Government, say hello to a home.