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Why it might be several years before homes are more affordable in Canada
(www.bnnbloomberg.ca)
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this post was submitted on 11 Aug 2023
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that's not how prices work
This is exactly how prices work. The minimum price of something is the price at which something costs to procure and produce, with anything added on top being profits. And this being typical western capitalism, they do what they can to increase profits as much as possible, and with housing being a requirement not a luxury, people pay whatever is asked.
Those houses could cost 5% of what they cost now and rent would be the same, because people will pay it.
I'm not talking about individual houses. I'm talking about condos that easily cost more than the land they're built on so they can maximize profits.