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This Airbnb alternative won’t destroy Canada’s housing market
(breachmedia.ca)
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this post was submitted on 27 Oct 2023
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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