this post was submitted on 03 Sep 2023
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The solution is to build more housing.
So BlackRock can buy it and rent it out to people for $3,000 a month? What use is more housing if rich people who own 1,000 houses are just going to buy it? The solution is more complicated.
The solution is complicated because people can't agree on the problem.
As with your comment and subject of the article there is plenty of people that are perfectly happy with the housing crisis as long as the remain to the favourable side of it.
If there is too much inventory the price for rent will go down.
I don't think that will happen. The empty houses problem is probably much exaggerated, since it gives less returns then renting them out.
That is part of the solution, the othee part is not letting a foreign owner buy a place and leave it vacant.
Why do people always specify "foreign" owners? I don't see how being born in Canada should enable one to hoard housing.
Because the people who are the actual problem love that Canadians are looking abroad for the source of the problem instead of a wee tad closer to home.
House Hoarding is also an issue, but at least a Canadian is going to rent it to make cash and provide housing. Foreign owners often sit on empty prooerties to move money from China (or elsewhere) and so you have a full house vacant. This creates a lot of housing supply issues thus driiving prices artificially. If we had enough units available for anybody looking, even canadian house horders woyld see rental price drop, and make it not so lucrative to rent
It is actually the more demand drives higher price. high price doesn't stop people needing housing, it just means everyone pays more and affordable housing for low income gets bought up by middle income because the higher prices in their old home range. i'm in BC it has not stopped climbing, even though they are building everwhere. The 5 year old house across the street from me is empty with weeds growing up through the porch, because it got sold and the new owner did not occupy it.
People don't move to a tent when they have a family, they still buy a home or rent at high rates and do less living as a result. i have been iin BC 13 years it has increased every year, and new developments are constant. it is going to keep going up until there are more units in the supply than the demand. it is simple economics 101 with a fair market system.
Its a slow in sales, not that housing demand got less. people are just forced into higher rent situations instead.
The houses get bought by the slightly richer class, demand for a house doesn't stop here when we have tens of thousands of new people moving to vancouver area every year. It means people pay drastic rent or , sublet half their living room has a living space, with the hope of getting into the market. Rates and price inflation prevents those wanting a home to actually aquire one. As soon as somebody does eek out enough they are competing in bidding wars here because of a housing shortage. Shortage produces upward pressure on pricing in every market including housing. Nobody is setting fake high prices thereby curbing demand. The prices are that high because it will get sold at that price, the demand is there for it. We need more units, more density, and stop letting people have vacant homes. Once that happens the market will deflate because there will be leas demand on available supply of units. i would agree with you if we had un sold units sitting on the market forever and then you can say demand is low, But we don't have that here, we have a shortage of dwellings.
Here rent can exceed mortgage monthly price, the high prices mean higher down payment which many cant afford, but housing demand doesnt go down, there are more buyers than units, thus price remains high. Everything else you listed goes against supply and demand theory so I can't have an on going conversation that contravenes known economic theory. Hope you have a good rest of your week.
That would require making more land and increasing the capacity of existing high-use, aging infrastructure for water, sewage, power, and trash. I can find you a cheap place to live out in the sticks. Hell, the town down the road from me has brand new, 3BR 2.5BA 1900SF homes with garage for $270k (USD). You only need 2BR/1BA and 1100SF? $150k. Thing is, it's a 30-40 minute drive to the center of my 200,000 person MSA. But this isn't a fun, entertaining city with excellent walkability, public transit, a major airport, and multiple concert venues and public spaces so people aren't flocking to move out here.