this post was submitted on 30 Aug 2023
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There is such a big divide between homeowners and renters. The average mortgage is 12.5years in, meaning payments are based on home prices from 2010, when canadian homes were 300k on average. That means that homeowners probably pay on average, 1200 a month while renters are paying double that amount. Younger generations are fucked.
The consequence of Boomer "I got mine" mentality
Mostly millennials and GenX. It's easy to blame boomers but they aren't the ones buying most of the houses.
Edit: looks like this hit close to home with the "muh boomers are the root cause of all evil" crowd. This is your reminder that the youngest boomers are now 60 years old. You're also out of your mind if you think homeowners aged 35 to 59 wouldn't scream bloody murder if the government somehow managed to suppress home prices.
Approximately 40% of MPs are landlords.
Approximately 20% of Ontario MPPs are landlords.
More information for the provincial politicians.
Who knows how many politicians at the municipal level are landlords.
Politicians have a clear, genuine interest to continue the system as is, so they can continue to make money off this. Add in the fact, that home ownership is considered the sacred cow of the investments and nothing can happen to that investment.
Guess what? People lose money on investments on all the time.
Politicians owning real estate is a conflict of interest
Individual Canadians buying additional properties are definitely adding to the problem and should be taxed very very heavily.
I'm an older millenial and me and my cohort didn't have property in 2010. Took us to ~2015 to start having enough cash. Now I see people saying "that is rent is double my mortgage payment"! Not mine. Mine is still higher. Can't wait to have to re-sign with the higher interest rate.
Not a "boo hoo, my life is hard" thing, I see what side of the rift I managed to get on, but it's not totally rosy either for us late movers.
Millenials and GenX are still working on their 40-50 year mortgages. Boombers paid off their 20-30 year mortgages ages ago. Housing prices have to stay high, because that is Boomer's retirement investment. If housing prices crash, instead of homeless young people we have starving Boomers.
I'm in the 35-59 year old bracket and desperately want home prices to drop. I've done everything our parent's generation said to do to succeed and the goalposts move faster than I can make money.
When two adults making low six figures can't qualify for an average home, something is deeply deeply broken in this country.
The shitty part is there's no one in government who gives half a shit about it to actually do something.
I completely agree. It's practically sociopathic at this point. And I say this as someone who bought a house 12 years ago that has "doubled" in value.