18
The new Canadian Mortgage Charter explained
(www.cbc.ca)
What's going on Canada?
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False. I'm in a house. I want to live in a different house. I can't afford a different house. Make houses cheaper.
That said there is some financial fuckery that can happen with house prices reducing. Particularly if you end up needing major repairs (though that's just the nature of owning...)
Housing price stagnation seems an acceptable medium.
I postulate the criticalist category is the >70 crowd, for the following reasons:
They vote.
They don't work much, so existing assets and pensions are the main finances in their life. Owned housing is probably the biggest part of that portfolio; with little chance of opening up new revenue streams. This makes them the most vulnerable to (real or precived) decreases in housing stock value.
They may be, or are planning to become, reverse mortgaged.
They vote.
Your one example is pretty easy to refute, I own my house I don't want houses to lose that stored value, or all the money I've been shoveling into my mortgage I could have been saving for w/e. It ignores that people with houses have been saving for years.
Reduction and stagnation are different.
Obviously I don't either.
No, we've been purchasing a thing for years, we have not been saving. We can sell that thing, but it is under no obligation to be valued higher than when we bought it.
What do you mean "no", I never said "people who bought houses must get a higher return on money spent", i said a policy like this would ignore those people.
What i said originally:
Was in response to:
This policy would ignore anyone in a house. That also seems shitty
I policy like this may ignore them, but housing prices can reduce on their own without any government intervention...
I've sold at a loss twice. It sucks. But that's a risk of ownership. I could have avoided that risk by renting.
Your house is only worth however much the next person will pay for it. They are under NO obligation to pay you more than you paid.
Artificially reducing building supply while people cannot afford to rent or purchase is pretty fucking shitty. "Oh hi Bob, it really sucks that you are spending 60% of your income on a place to live; but the ethereal value of this thing I bought keeps going up, and I would love for it to continue going up, even though the future is completely speculative and the whole thing could go tits up and skyrocket again no matter what we do; so I'm going to keep supporting policies that keep the line going up"
Bonus point for undertaxed homes, and suburban regions that survive on pushing the ponzi scheme further out or leeching on city core taxes; for LVT is a whole other kettle of fish.
This is all i was saying, it is not a simple thing, as the original post said
Makes it sound like "hey it's simple we just fuck 65% of people in canada" is not a winning political strategy.
Stagnation might be the only reasonable solution. I'm all for taxing home speculation by companies, and raising taxes on secondary/rentals. Hell, i'd be for a subsidies for buying houses even to the poorest people. I want to live in a pleasant place, part of that means everyone lives and works comfortably.
I don't know who's doing this or how it relates to the original post
Presumably prices were also cheaper when you bought in that market, so there's some
I don't know anything about this
Fine. New policy.
We restrict the sale of new cars. We can make car zoning, so only SUVs can be purchased in some places, only trucks in another. Maybe in some small areas we'll allow sedans. Well Make sure that auto manufacturers can build the cars people want, or on the numbers they want them. Want a bicycle instead? Too bad, only cars are allowed here. People are walking? We'll just replace sidewalks with more road for cars.
Sure cars will become way more expensive, bit everyone who already owns a car can watch the value of their car go up!
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