sik0fewlWhy it might be several years before homes are more affordable in Canada
It may be several years yet before home prices fall back into an affordable range for the average Canadian, according to Oxford Economics.
Homes will never again be affordable because the system is completely broken (and not broken in the Millhouse expression, but rather in a normal definition). We made housing a commodity rather than a necessity of life and it ended with predictable results.
Now we have the unpleasant decision of diluting the investment of millions of Canadians or continuing to allow millions of Canadians to never own a home.
We made housing a commodity
We didn’t, though. A commodity is interchangeable. Housing is not interchangeable. A house in Nunavut is not the same as a house in Toronto. If housing were a commodity it is likely we wouldn’t have the problems we have.