40
This Airbnb alternative won’t destroy Canada’s housing market
(breachmedia.ca)
you are viewing a single comment's thread
view the rest of the comments
view the rest of the comments
this post was submitted on 27 Oct 2023
40 points (90.0% liked)
Canada
6921 readers
380 users here now
What's going on Canada?
Communities
🍁 Meta
🗺️ Provinces / Territories
- Alberta
- British Columbia
- Manitoba
- New Brunswick
- Newfoundland and Labrador
- Northwest Territories
- Nova Scotia
- Nunavut
- Ontario
- Prince Edward Island
- Quebec
- Saskatchewan
- Yukon
🏙️ Cities / Regions
- Calgary (AB)
- Edmonton (AB)
- Greater Sudbury (ON)
- Halifax (NS)
- Hamilton (ON)
- Kootenays (BC)
- London (ON)
- Mississauga (ON)
- Montreal (QC)
- Nanaimo (BC)
- Oceanside (BC)
- Ottawa (ON)
- Port Alberni (BC)
- Regina (SK)
- Saskatoon (SK)
- Thunder Bay (ON)
- Toronto (ON)
- Vancouver (BC)
- Vancouver Island (BC)
- Victoria (BC)
- Waterloo (ON)
- Winnipeg (MB)
🏒 Sports
Hockey
- List of All Teams: Post on /c/hockey
- General Community: /c/Hockey
- Calgary Flames
- Edmonton Oilers
- Montréal Canadiens
- Ottawa Senators
- Toronto Maple Leafs
- Vancouver Canucks
- Winnipeg Jets
Football (NFL)
- List of All Teams:
unknown
Football (CFL)
- List of All Teams:
unknown
Baseball
- List of All Teams:
unknown - Toronto Blue Jays
Basketball
- List of All Teams:
unknown - Toronto Raptors
Soccer
- List of All Teams:
unknown - General Community: /c/CanadaSoccer
- Toronto FC
💻 Universities
👒 Lifestyle
coming soon
💵 Finance / Shopping
- Personal Finance Canada
- BAPCSalesCanada
- Canadian Investor
- Buy Canadian
- Quebec Finance
- Churning Canada
🗣️ Politics
🍁 Other
Rules
Reminder that the rules for lemmy.ca also apply here:
- No bigotry - including racism, sexism, ableism, homophobia, transphobia, or xenophobia.
- Be respectful. Everyone should feel welcome here.
- No porn.
- No Ads / Spamming.
founded 3 years ago
MODERATORS
Agreed on wages vs prices. Homes are not affordable and I don't think they will be for my childrens generation. I'm not suggesting the 2% coming back into market will increase supply to lower prices, I'm saying stopping the seemingly endless cash from foreign investment would have a price impact so that average joe isn't competing with an offshore government backed purchasing fund.
While I ageee with you somewhat on the housing , I was in Windsor Detroit when you could pick up a property for taxea owing, or 2 bedroom detached for $20k simply because there were more homes available than buyers during a poor economy. The Toronto prices though soon changed that when people sold and moved to windsor detroit area. Now those houses are easy $300-400k
The average joe will still compete with the average joe, that's what I'm trying to say. There are 40 million people in Canada, plenty of bidders for housing in desirable areas, only about 15 million people live in the top 5 cities.
The residential ownership rate isn't going down particularly fast right now and it's still higher than it was 20 years ago, there's little evidence that all the property is being scooped up by foreign investors or corporations at all. It's mostly still the same Canadians buying property.
In BC in 2022, transactions involving foreign buyers were around 1% of all real estate deals. - https://globalnews.ca/news/9382591/bc-foreign-homebuyer-ban/ Yes the taxes and bans allowed PRs and others to buy still, but it's really not as big a segment of the market as people think, and the experts agree on that.
Maybe 2022 transactions were slow but this from 2019 says Vancouver has 11% foreign ownership https://vancouversun.com/news/local-news/dan-fumano-a-75-billion-snapshot-of-foreign-owned-vancouver-real-estate