175
Canada likely sitting on the largest housing bubble of all time: Strategist - BNN Bloomberg
(www.bnnbloomberg.ca)
this post was submitted on 23 Aug 2023
175 points (95.3% liked)
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I don't think you realise the consequences on regular people.
The current economic state isn't exactly great for the average person either. Especially young people trying to start careers and leave their parent's house.
Much better than not having a place to live because businesses are closing and unemployment is through the roof and you don't have a job.
Regular people already can't afford housing. Almost anyone owning a house is a millionaire, or has borrowed a million from the bank as a mortgage.
The former will survive just fine. The latter took a tremendous risk by borrowing a million dollars to buy properly in an overheated market. If it works out then they can enjoy the fruits of their high risk play. If it doesn't work out, then they should suffer the consequences. That's how all risks work.
If the housing bubble bursts regular people won't have a job to buy a house. So much better π
I'm very very far from a millionaire and I'm an owner, it's the same thing for the vast majority of home owners in Canada.
Heck, our cottage was for sale for months before we bought it for 50k, I've now sold my condo for a price low enough that with 10k you could have bought it including all the paperwork (and I still had trouble selling it!) and I'm looking to buy a house for about 250k close enough to the city that I can still commute and I still have multiple choices... And I'm not talking about bum fuck nowhere, it's a city of over 200k with two hospitals and two universities!
Maybe people should start moving outside of Montreal, Toronto, Ottawa, Vancouver.. but what do I know? Oh, that's right, that you're quick to point the finger and say home owners should deal with the consequences of their choices, but you are unable to point to others who absolutely want to live in the most expensive parts of the country and complain that they'll never be able to afford anything while housing in more rural location just doesn't sell.
I talk to a lot of people wanting to buy their first house and all of them want at least a bungalow, none of them even wants to consider that buying a condo or even a semi detached to start might be a good option... So what do they do? They continue living at their parents' or in an apartment and complain.
Imma burst your bubble. Home ownership in cities is an anomaly in our history, it became prevalent after WW2 and scarcity of urban land means it's not sustainable to expect to see the population increase and have everyone become an owner.