Building rates decreasing in the most hideously overpriced markets (BC, mainly Vancouver) and the GTA are not surprising. Re-incentivizing foreign investors is not the solution - cultivating that market poisoned the well for locals. Falling prices will be and how can they be far off?
Housing prices in Canada were overinflated due to money laundering from the CCP. That's pretty much it. There's no fundamental reason why housing price increases would far outstrip GDP growth. In the past 15 years, Canada is second last in GDP for developed nations. Vancouver is not the home to anything of importance, yet has housing prices that rival those of other major cities of the world. The only thing that will truly fix the problem is a major correction. Yes, developers and existing home owners will suffer in the short term. But isn't that better than a dejected generation of first time homebuyers who have no chance of owning a home?
I am stumped on the last sentence " you would be wise to take the over"?? What are you saying?
I believe this is referring to the size of the deficit [would be wise to assume the deficit comes in larger than projected].
Building rates decreasing in the most hideously overpriced markets (BC, mainly Vancouver) and the GTA are not surprising. Re-incentivizing foreign investors is not the solution - cultivating that market poisoned the well for locals. Falling prices will be and how can they be far off?
Housing prices in Canada were overinflated due to money laundering from the CCP. That's pretty much it. There's no fundamental reason why housing price increases would far outstrip GDP growth. In the past 15 years, Canada is second last in GDP for developed nations. Vancouver is not the home to anything of importance, yet has housing prices that rival those of other major cities of the world. The only thing that will truly fix the problem is a major correction. Yes, developers and existing home owners will suffer in the short term. But isn't that better than a dejected generation of first time homebuyers who have no chance of owning a home?