The Real Estate Bubble That Can't Pop

[Dr Strangelove]

[testerone]

True Nuff.
People have been waiting in Vancouver for the bubble to burst since the 1980s. That's a opium pipe dream now.
At the same time, no one wishes they're won home's value to decrease and the greediness has infected even places out in the boonies. People here in nowhereville are expecting to see the home they bought 5 years ago for $200K to fetch $700K on the market today and are listing them for that. A few have even sold, there's a sucker born every minute.

And ignorant about politics people who scream communist! leftist! most often seem to be calling the loudest for govt to do something about the cost of housing. Same ones that screamed against increasing capital gains when a good chunk of cpital gain is from people that own and sell a 2nd home. Like us who sold the cabin that cost us $30K and used for 50 years and now needs much repair for $170K and had to be declared. We used it for five decades and made $140K profit wah wah wah tax us to death [/s]

The only things I can think of is to allow increased density, drop permit fees, allow 'unfinished' homes on the market and to restrict the number of homes people and companies can own. Like one per person and NONE for companies. And go back to offering unfinished basements you have to plumb and wire later at your own expense.

[Dr Strangelove]

The total abdication of the feds on housing policy since I been born is the root cause. They don't need to nationalize the market or anything drastic to rectify the situation but they do need to sit back at the table they are responsible for and start making public housing part of their mandate and every year keep adding to the supply constantly. At least 20% of the market needs to be public housing and it isn't going to happen with a snap of the fingers but then need to put on the man pants and get to work. The magic hand of the free market isn't the solution here and neoliberal wish casting got us in this mess. That's the only credible solution and since we has skipped out on the cheque for so long it's going to be a painful transition.

[Dr Strangelove]

On the Brink: How Nova Scotia’s affordability crisis was years in the making

Since the feds are afk it's been left to the province's and they just can't do what is required.

[Dr Strangelove]

[testerone]

Admit it, we DO like seeing the value of our homes go up. That's what is supposed to happen, part of the reason we saved up a down payment and bought a home.
I had $20K to toss on a down payment. The mortgage was $200 less than the apartment we rented at the time. So we shovelled the extra in and paid it off, borrowed even more to remodel when rated were down and paid that off in 5 years.
So it "cost" me $20K. Every other cent we paid amounted to less than renting, even if rent had no increases in 12 years. (hah hah as if)
And any millennial working anywhere better than Wendy's could easily afford to buy it when I decide to sell.
So keep griping to someone who had to move away from Burnaby and pay 18.5% on the very first house. And then moved farther away and traded for a 3000 sq ft log home on hobby acreage and pocketed $30K doing so.
There aren't any 'starter homes' in the big cities anymore. That ain't Trudeau's nor the Boomers fault. Deal with it.

[Dr Strangelove]

Their aren't starter homes because high rise condos have a bigger turn on investment and that is where the market to geared towards. The free market isn't going to fix this. It's like expecting the free market to make roads and rails to connect the country, not going to happen till the state steps in and makes the market and THEN the free market can work. Neo-liberalism relied far to much on markets to provide consensus and left the small and middle income out in the cold.

6-49 is not a retirement strategy and relying on the charity of stockholders is the same pipe dream. We been sold a bill of goods and its time to demand better.

[Dr Strangelove]

[Dr Strangelove]

[Dr Strangelove]