this post was submitted on 14 Aug 2023

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Long way home: Blamed for affordability crisis, Liberals look to pivot on housing (www.cp24.com)

submitted 2 years ago* (last edited 2 years ago) by girlfreddy to c/canada

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"This has become probably the most important both economic and political problem facing the country right now," said Tyler Meredith, a former head of economic strategy and planning for Finance Minister Chrystia Freeland.

"And especially given the significant emphasis the government has put on immigration and the relationship between immigration and the housing market, there is a need to do more."

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[+] cheery_coffee 3 points 2 years ago* (last edited 1 year ago) (2 children)

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[–] Rodeo 13 points 2 years ago (1 children)

So regarding your statement here:

Not to discount renters who are definitely hurting, but they do need to consider the new home owners in this too.

So if your property value decreased you'd still be better off than any renters would be.

If you want to talk about how hard it is, don't even mention renters because the comparison makes your situation look rosy.

I'd love to have a concrete asset worth hundreds of thousands to back me up, but instead I have to spend 60% of my paycheck on somebody else's mortgage payments and I don't even get to own anything for all that money I'm spending.

[+] cheery_coffee -4 points 2 years ago* (last edited 1 year ago) (2 children)

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[–] EhForumUser 7 points 2 years ago* (last edited 2 years ago)

Except my concrete asset is worth negative hundreds of thousands

Did your house burn down and you didn't have insurance to rebuild or how the hell did you manage that? The market has softened a little, but not that much. Well, maybe if it was a $30,000,000 home?

[–] Rodeo 2 points 2 years ago

I don’t see the point of a comparison of who’s got it worse, the answer is always people without the ability to save.

Saying the liberals are in a tough spot because they have to choose between helping renters who have no assets and owners who have hundreds of thousands is obviously going to raise a comparison.

It doesn't seem like a tough choice from where I'm standing. People like you will recover over time. But people who don't own homes have nothing to recover. So it's pretty obvious who needs the help.

[–] [email protected] 5 points 2 years ago

but I wouldn’t be able to move for a new job or resize if we had a kid, or anything like that for probably a decade

But that's only true if your property value went down, but absolutely no one else's did.

If property values went down across the board, your ability to do all those things would be basically unaffected.