I’m half joking, half serious: has anyone looked at a job site lately? Who’s doing a lot of the physically demanding work? If anything, it’s immigrants who are helping solve the housing crisis. The old boy’s network, which makes the laws and controls the money, is where the problems actually come from.
this post was submitted on 21 Aug 2023
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Housing has skyrocketed due to governments allowing essentially unrestricted purchases by foreign entities and investment groups for the use of investment properties. Not even accounting for money laundering issues, we are watching the rich gobble up all the assets and forcing individuals into situations where they have to rent
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It has always been a zoning issue. Japan solved its housing crisis by putting the federal government in charge of zoning.
If apple pie is American. Real estate investment is Canadian. I mean mom and pop Canadians. It's an elephant in the room. Immigrants who are wealthy enough to invest such way are merely doing as Canadians do.
It's literally the most traditional Vancouver business. When the city was incorporated and built around the region today known as Gastown, as early as 1870 everyone was encouraged to go in debt to buy two pieces of land, then next year sell the second to finish paying for the first one. BC's economy has been sustained by sky high returns on real state for more than 100 years at this point.
The US had their real estate investing moment in the 2000s.
We're behind only because we, the most educated nation on earth, are much, much, much more likely to attend a post-secondary school, and, as you recall, we went on a dorm building frenzy in the late 90s/early 2000s to accommodate the influx of millennials who make up the echo baby boom. That buffered us for a while.
But the buffer was only so good for so long. Eventually post-secondary schooling comes to an end and people set out to find a place to call their own. As such, we eventually caught up with the US in not having enough homes to handle the millennial baby boom, and as such there was more competition for homes, price went up in response, and soon it started to look like a good place to park money for mom and pop.
Are we though? From what I can find we are only about 20% more likely than Americans, and I'm reasonably sure trade schools (like a mechanics Red Seal) counts as post secondary, which the US doesn't have Journeymens programs like we do.
We've had a housing crisis for a decade or more. But yes, it's the immigrant's fault. Not the greedy developers who are only making half as many houses as they could.
Well.. well... well.. MP Daniel Blakie clearly explains the Canada housing problem. They will blame anything but their policy for the rich.
I apportion the blame 5% to the Martin Liberals ending rental construction subsidies, 5% to the Trudeau and Harper governments for ignoring the writing on the wall pre-pandemic, 5% to the BC Liberals/United party for deliberately celebrating their province's housing market as a casino, 5% to the Ontario PC government for exploiting the problem to hand out goodies to donors instead of solutions, another 5% to the Federals again for their lackluster post-pandemic response, and 99% to the various Municipalities across Canada that actually caused and continue to cause this massive problem and if every planner and councilman was fired tomorrow and we shifted to Kowloon Walled City anarchy it would be a net positive for Canada.
Edit: yes I know the math doesn't add up there but it's real-estate that's a given.
Immigrants are at least partly to blame for the pressures. I mean, it's impossible they're NOT impacting the cost of housing. If you add 400,000 people to a country and do not add 400,000 units of new housing that year, you're in a deficit. It's Grade 1 math.
But what is genuinely to blame is a cogent political strategy to house Canadians. We can't just leave it to the private sector to maximize profits. We can't expect homeowners to make secondary suites. We can't do nothing.
Cutting immigration is a sure-fire way to prevent over-demand for a scarce resource. It may sound right-wing but that's the way it goes.
Cutting immigration is a sure-fire way to prevent over-demand for a scarce resource.
Sure! At the cost of no longer having skilled immigrants advancing Canadaian industry and economy. We'd also go into a population decline which, while great for housing, would cause lots of problems with job shortages and government benefits paying out way more than they collect.
Immigration is far too much of a benefit to Canada to stop it instead of just building more places to live. We are one of the largest land masses on the entire planet. I think we can fit a few more houses in.
There's no point in making houses out in the middle of nowhere. Not only does it cost a massive amount of money to build the infrastructure just to support it, but who the hell wants to live several hours away from where anything exists? No stores, no jobs, no schools less than 3 hours away? No thank you.
That said, all they have to do is change the zoning laws to convert residential into mixed use housing plus actually build high density housing. We don't need skyscrapers everywhere. That's only happening because it takes 3 years to get anything bigger than a single family home approved. Remove the approval process and we can get tons of low and mid rises that would be extremely cheap and quick to build.
At the cost of no longer having skilled immigrants advancing Canadaian industry and economy.
Meanwhile skilled Canadians are moving to the US en masse.
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