this post was submitted on 23 Sep 2023
136 points (97.2% liked)

Canada

7209 readers
485 users here now

What's going on Canada?

Communities

🍁 Meta

🗺️ Provinces / Territories

🏙️ Cities / Local Communities

🏒 SportsHockey

Football (NFL)

  • List of All Teams: unknown

Football (CFL)

  • List of All Teams: unknown

Baseball

Basketball

Soccer

💻 Universities

💵 Finance / Shopping

🗣️ Politics

🍁 Social and Culture

Rules

Reminder that the rules for lemmy.ca also apply here. See the sidebar on the homepage:

https://lemmy.ca

founded 3 years ago
MODERATORS
otter@lemmy.ca
136
Trudeau takes first step to break Canada’s addiction to rising home prices - The Globe and Mail (www.theglobeandmail.com)
submitted 1 year ago by sbv@sh.itjust.works to c/canada@lemmy.ca
58 comments fedilink hide all child comments
 

At last, someone from the world of politics is being honest about a pervasive and harmful trade-off. When home prices rise faster than earnings, owners like me gain wealth, while non-owners lose because their incomes fall further behind housing costs.

Honesty is saying that home prices have to fall. But this is progress.

The Generation Squeeze folks have recommendations.

you are viewing a single comment's thread
view the rest of the comments
[–] Someone@lemmy.ca 8 points 1 year ago (1 children)

Did you even read your own link? Besides sales dropping 4% (which it says was expected due to the rate hikes) every other stat they listed was up year-over-year or month-over-month.

Price growth has remained solid in Quebec and the East Coast, followed by British Columbia and the Prairies. Ontario is now a mixed bag, still with some of the bigger increases but also some of the bigger declines.

That sounds to me like the only area where prices aren't still growing are parts of Ontario and maybe the territories.

[–] Rocket@lemmy.ca -4 points 1 year ago* (last edited 1 year ago) (1 children)

I did. Did you? Again, it's not like one day you have a million dollar home and the next day you have a $300,000 home. That is not how it works. There is all kinds of ups and downs that follow a crash. Compare what you are seeing now to the US housing market in 2006-2007. You are going to see a lot of similarities.

[–] Someone@lemmy.ca 2 points 1 year ago

I think you could argue that the market is slowing or declining, I disagree now but I could be swayed.

Saying the market is crashing though is like saying you crashed your car when you hit a pothole. Sure, if you look at a big car crash in the past someone may have blown a tire in a pothole before causing a pileup, but millions of people hit potholes every day and most are nothing more than a momentary slowdown.

I'm not saying a housing crash couldn't be coming, but it's unreasonable to infer that one is happening based on the data you showed.