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The media is blaming immigrants for the housing crisis. They're wrong (breachmedia.ca)

submitted 1 year ago by [email protected] to c/[email protected]

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Some folks on here have been repeating this garbage as well

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[–] [email protected] 2 points 1 year ago

Housing prices skyrocketed here in Ontario when people escaped the big cities, and rushed to buy houses in smaller cities and towns. This caused a huge supply problem, as there weren’t enough houses for sale to meet demand, so bidding wars erupted.

It was a period of utter lunacy and mania for both buyers and sellers. I think we reached almost 100% price increase over pre Covid.

Once everyone had bought that wanted to buy, the market slowed down and houses went for under asking or sat on the market unsold. I don’t think anyone cared about the interest rate.