M. Grégoire2d ago

Canada intervenes (again) to stop housing prices going down
https://nationalpost.com/opinion/canada-intervenes-again-to-stop-housing-prices-going-down

“And so what if they sell at a loss? That’s the game,” wrote Johns. “Why should Canadian taxpayers bail out homebuilders?”

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#CanPol #cdnpoli #HousingCrisis
#NationalPost

FIRST READING: Canada intervenes (again) to stop housing prices going down

Carney's condo 'bailout' just the latest government intervention to stop home prices from dropping.

nationalpost
Show threadanyGould
@mpjgregoire The obvious answer (beyond "Opposition is opposed to government because they're opposition") is: you've just spent decades telling people that home ownership is how you save for retirement. So dropping prices means telling seniors that they're screwed.
Jun 24 at 3:25pmWeb
Show threadM. Grégoire2d ago

@anyGould Who in Canada said that home ownership was how you save for retirement? When I read David Chilton thirty years ago, his advice was to maximise your RRSP and save beyond that — he didn't recommend taking out the biggest mortgage you can afford.

The fact is that bad government policies have led to our current high housing prices, and many older Canadians (like me) have benefitted from the resulting windfall gains. It would be better for Canadians overall if the price of homes fell 50%.

Show threadanyGould1d ago
@mpjgregoire I can't think of a time in my adult life that I wasn't told that housing was The Thing. Renting wastes money. Build equity in your home. Get on the real estate ladder. Home prices grow faster than most investments. Etc and so on. And dropping prices only hurts newest buyers - old folks have already paid off, so it's a savings hit. Young folks suddenly are holding $500k mortgages on $250k houses.