this post was submitted on 07 Jul 2023
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Raising rates seems to do two things to housing:
Builders are still going to build, they just need to target people who can afford the higher prices.
Looking at the construction industry in Quebec, builders aren't building anything... There's zero clients right now...
Meanwhile in Ontario there's not enough labor in construction.
The problem is that people increasingly CAN'T afford the prices. Where are all they people that can afford near million dollar homes for 8% interest (or cash) come from?
At best, they'll be people who are landlords who already have significant wealth and will rent at sky-high prices...