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Young people paying 'astronomically living expenses': insolvency trustee
(www.bnnbloomberg.ca)
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this post was submitted on 28 Mar 2024
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Only individuals should be able to buy and own residential property. Not corporations, not numbered companies, just people. They can rent them out, etc but don't get the same protections of corporations. It becomes personal at that point. Banks generally will finance about 20 properties this way before they decide the liability becomes too much. This protects small landlords still, but gets all the big money out.
Then the rental market will price itself fairly based off of that and keep the rental market in check, but when the corporations own both sides of the coin they set the price.
Many of our MPs are landlords themselves, which may influence how... reactive they are to the issue https://www.landlordmps.ca/data-analysis
Our economy is over-reliant on housing as an investment in general, so getting people to do anything about it is hard to begin with https://www.oecd.org/housing/policy-toolkit/country-snapshots/housing-policy-canada.pdf
It's not looking good. We're in so deep already. A lot of people will lose their homes either way.
This is why I avoid REITs and housing investment like the plague. It's a house of cards.