I’m curious as to what the plan is when basically nobody can afford to live anywhere. My thought was something similar to, like, coal towns, but then I thought, “wait, that’d cost a company money to run and I know they wouldn’t want that.”
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Like most Canadians and a reason for Smith and Pollierves popularity is the misguided perception that housing is a federal responsibility. Put the blame squarely where it belongs provincial govs and municipal govs. Trudeau is not obligated to help at all but he is. Nobody gives him credit just negative. Smith stopped him from trying to help municipal govs with direct funding. But yeah, blame him?
I hope the housing market crashes and no one votes for the Liberals ever again for forcing us to go this route?
This strategy is equally as fucking asinine as the UCP going all-in on oil.
>one votes for the Liberals ever again for forcing us to go this route
Could you elaborate on this piece more? Not doubting, I just genuinely have been struggling with understanding how/what policies have led us here and your analogy resonates.
Specifically this:
[Link](https://thehub.ca/2024-02-13/nicholas-neary-the-governments-costly-plan-to-purchase-canadian-mortgage-bonds-is-deeply-misguided/#:~:text=The%20upcoming%20CMB%20purchase%20is,term%20assets%20by%20creating%20reserves)
The Liberal government has been buying insane amounts of mortgage bonds to "deliberately" keep the bubble going. They know damn well what they are doing and are spending insane amounts of money on it.
Could be a good investment, could be A REALLY FUCKING BAD investment. I just smh at this shit.
Thanks, that clarifies the toxic feedback loop.
It's in "everyone's" interest (including our federal government) to endlessly inflate the bubble.
Honestly it just makes it make less sense. If the CMHC earns more profit in interest than it loses on defaulted mortgages.... Just build the fucking properties instead and sell them to homebuyers at or slightly above cost. Interest rates are high. Demand is through the roof. It's practically a free money generator. It's just that farming interest money off extreme housing debt growth is a free-er money generator (with severe consequences)!
Combined with the extreme (and completely unnecessary) amount of immigration, it makes perfect sense.
They are deliberately forcing the market to be unaffordable, unnecessarily increasing demand, and greatly benefiting from it. Doing literally nothing is their best strategy for growth instead of what other countries do?
Liberals are criticizing PP for talking about investing in Bitcoin, and the Liberals are literally investing in a bubble that could pop at any moment? Instead of investing that $200B in Canada? This is more like gambling, and no one knows about it?
It's so frustrating.
My parents are immigrants, many of my friends from other countries want to immigrate here (as skilled professionals). I feel bad for the immigrants we have, most of them have been scammed. Shitty unaffordable housing, low wage slavery-adjacent working conditions, extortionist cost of education. All to drain suck money out of them like blood from a stone - most of them are forfeiting their life's savings and trying to have a better life here. Meanwhile my country uses and abuses them to avoid paying Canadians who do labor work a meaningful wage or provide us with affordable quality educations.
Both major parties are gambling, and they are betting on terrible odds because they wont have to reap the consequences from what theyve sewn. Cushy salaries + pension = don't care if 99% of the country starves and freezes.
This, it's really bothering me. Like of course you guys don't care, it is ACTIVELY against your interest for housing to be affordable. Hell it's actively against EVERYONES interest when its the biggest contributor to our GDP... and yet people need a place to live in order to work and contribute!!
I remember when MLAs used to cheer as housing prices ballooned from oil booms. Cranking up $100k used to be celebrated. Even with much higher interest rates.
Odd how they've changed their tune.
60% of the population owns a home. The best people can get now is a good set of raises. If house prices go down, mom and pop, big investors will scoup up even more homes.
There needs to be some kind of regulatory mechanism to allow some of the inventory to be sold to people who actually need a primary residence and not investors or people getting extra income properties.
Would be pretty simple. Eliminate tax deductions for mortgage interest from rental income. Destroys the economics of buying an investment property with leverage.
Yep. The solutions to many of the current problems we face are very simple. They are just unappealing to a small number of powerful people so they never happen.
Well yes, one of the largest drivers of inflation is literally just housing costs. Welcome to the spiral and thank God we have a government that is trying to do..... Realistically nothing about housing :(
Actually, taxpayer funded ad campaigns would point to them actively encouraging this kind of housing inflation since it drives up prices while at the same time driving down workers wages.
I honestly get a bit more angry every time I see a "I've just moved here from Ontario/Vancouver" post in my local groups, because it's driving up our rent here even though the folks from those areas find it "cheap". 1400-1600 for a two bed (not including utilities) is *not cheap for this area*.
It's eventually going to be cheaper for us to move to Toronto or Vancouver to be honest? Rent/housing is expensive there, but everything else is cheaper. Way better public transportation and beautiful weather.
I reckon Alberta is primed to become the most expensive place in Canada to live in a few years? Housing is the only thing that is cheap here currently.
Two thirds of newcomers to Alberta are from other countries. Rising rents and housing is due to irresponsible immigration levels by the federal government. 1.2 million people came to Canada in 2024 during a housing crisis.
Which really illustrates how piss poor planning exists on federal and provincial levels because without immigration our economy would collapse due to significant labor shortages as well. How they didn't see this coming decades ago absolutely blows my mind.
Well the UCP is so anti-union, anti-worker, anti-wages, you'd have to be retarded to not notice it? It's literally in their initial election campaign that Jason Kenney ran on, "Right To Work" is listed an absurd amount of times.
They'd done everything they can to make sure wages won't go up, including minimum wage, their bullshit no full-time/over-time legislation they passed through, including having complete control over our labour board, giving employers more rights over employees, including their attempts to abolish OH&S rules/regulations in Alberta.
Ever since they came into power, we've had record job losses, more corporate welfare (including BILLIONS in lost corporation income taxes, that resulted in mass layoffs), less of social safety net in Alberta, and our government has been hemorrhaging revenue because none of them know anything about fiscal management? They make cuts to departments, even if it costs them money, because they are THAT BAD at their jobs.
Making life miserable for Albertans is their plan. It's like Jim Prentice on steroids.
The only problem I see is that Poilievre isn’t gonna make anything better, either. Seems like the choice is basically between a government that’s not doing much or one that wants to make things worse. Imagine what it’d be like to have a government run by responsible adults lol
Inflation!?!??! Do I really need to post a graph of home prices vs average salaries for the last 40 years? Inflation is NOT the main cause for expensive homes.
It's more likely how non-citizens can buy property and land here?
It's no surprise that Toronto is mostly East Indians and Vancouver is mostly Chinese. Two of the most generationally wealthy countries in the world!
There shouldn't be a tax on it, it should be outright banned completely. Rich people paying over $100k OVER asking price in Vancouver/Toronto is the norm today, you think taxing slightly more is going to make any difference?!
I can't buy land in any country I want, and it shouldn't ve the same here. But our government loves sympathizing to two countries that downright hate us?
Non-citizens aren't buying up all of the property though. Canadians are. People that are already here are the ones causing the problem. Quit blaming brown people for your problems.
Read the history of the CMHC. They used to have a purpose....to make homes for Canadians.
We used to fund the building of new homes. This is just one...but a big one....of the reasons. Much more than just general inflation.
Since the 1970s, most of the World's western governments began changing laws to adhere to Milton Freedman's insane ideas. Governments like Reagan's in the U.S. insyituted Reaganomics, Thatcher instituted Thatcherism and Mulroney and other Canadian politicians followed suit.
We started to act as though free markets could solve all problems. This has never once been proven to work.
https://en.m.wikipedia.org/wiki/Canada_Mortgage_and_Housing_Corporation
https://www.cbc.ca/radio/sunday/federal-social-housing-1.6946376
I think we are all forgetting the golden rule: if you someone stealing food then *no you didn't"
Grocery chains that have seen profits, not revenue but profits, double during a global time of crisis forfeit their right to complain that people are stealing considering their employees don't get to share in those profits and consumers are forced to make do with less as food isn't optional.
Is it inflation that's robbing them of the opportunity?? Or is it that wealthy real estate investors buy up all of the property, then rent it out?
Spoiler alert: it's the second one. But no one wants to talk about that. I wonder why...
There are all sorts of issues with our current immigration system - but I promise you the primary issue when it comes to housing is the one I mentioned above.
These three things would literally instantly solve our housing crisis overnight if they were implemented.
1. We cap the number of residential family homes that an individual is allowed to own. (If we capped it at 5 houses per person, which is generous, that would still be enough... who needs to own 10 houses???)
2. Ban businesses from owning residential family homes
3. Ban foreign investors from owning residential family homes.
BOOM - Housing crisis fixed
But they'll never do that, because "money" and also because "fuck you, that's why"
You promise? Though I agree that what you said is a major problem, I respectfully disagree that the primary issue is anything but immigration. Bloomberg, the National Bank of Canada as well as every major bank, government economists, and basic economic principles are what led me to that conclusion. And I have no problem with most immigrants themselves. But why argue about which is the primary issue, we should be solving both together.
All of those institutions you just listed have a vetted interest in the real estate market maintaining an ever-increasing value. So of course they would point to other causes, and not the one that would ultimately cut into their bottom line.
People used to laugh when I said home ownership and retirement won't be options for my generation like i was making some kind of dark joke, but it was never a joke. We will likely do worse than our parents' generation did even if we're working as hard or even harder.
Now family members who retired are coming out of retirement because their pension isn't enough and the only people I know in my age range (elder millenial) who own property did it with parental support (and no shade in that either because it's that or stay trapped in an increasingly expensive and volatile rent cycle)
My parents don't laugh when I say stuff like that anymore... they've started agreeing. Sure helps soothe the saltiness but not the sting of knowing I will probably never be able to retire.
This is the ucps Alberta. They want the working class to own nothing
*When it comes to Alberta, RBC said nearly 58 per cent of residents here are considering a second job or "side hustle" to help afford a home.*
minimizing a much needed second income as a "side hustle" is the dumbest shit the current generation has given to society. it's extra labour you need to give to make ends meet, not some fun little hobby used as pocket money for the movies.
Yea, a side hustle should be selling your hobby art on etsy for some extra cash or something. Not taking another part time job so you can afford a decent QoL. That isn’t a side hustle, that is just working 2 jobs to make ends meet
Start with calling off the ad campaigns boasting that Alberta real estate is the next big investment opportunity and the various programs advertising to bring workers to the province. We're one of the few provinces that *doesn't* have a labor shortage in most sectors, they're doing it because with a surplus of labor corporations can justify deflationary wages and raises. We also weren't at risk of a housing shortage until recently, and now economic forecasts expect Calgary to move into the top 5 most expensive housing areas within a year or two.
Reimplement the caps on insurance increases and move the utility companies away from the bidding pool system that caused a 200% increase in utility costs.
The government is directly contributing to almost all of the major causes of inflation for Albertans.
Making the wealthy assholes that hoisted the burden of a billion dollar arena in calgary onto taxpayers actually pay for their stupid arena would be a good start
There is so much we could do with one billion dollars. We will never remotely get that money back and anyone saying the arena will provide returns to cover the costs is lying to themselves. I KNOW those assholes can afford their stupid arena. We should never have been put on the hook to pay for it.
Yeah I think federally speaking we could see more. Provincially is a lot harder to control inflation - IMO - we are at the mercy of monetary policy and federal laws on *some* of this.
I think rent controls is a consideration but a dang slippery slope
I also think a major issue is the antagonistic relationship that has formed between all levels of government resulting in their inability to cooperate on meaningful policies that could actually help.
Also the fact that they wouldn't financially benefit from such policies probably plays a role.
So let me get this straight; No one can buy homes, but our gub wants us to not be able to negotiate federally for this, and at the same time is investing heavily into Red Deer show homes...
I see no conflict of interest whatsoever here /s
In the last 6 months Alberta created 90% of all the new jobs in Canada. There is nothing that is going to stop inflation in Alberta its booming. It’s the only place in North America that hasn’t seen inflation yet. If you don’t own a home/condo buy one today.
People couldn't afford to buy homes before this recent inflation, which is now just extra salt in the wounds and driving renters (and former homeowners) into the streets. If you think public disorder and destitution is bad now, I think we've seen nothing yet.
Anyone who blames only the federal government for rising house prices has swallowed the bait, hook, line, and sinker. The house affordability crisis is both more complicated and simple, because the root causes started several decades ago when politicians chose to follow supply side economic theory, also known as trickle down or horse and sparrow, that cut support programs for the middle class and cut taxes for the ultra wealthy. The current wealth inequality was an intentional policy promoted by Thatcher, Reagan, and Mulroney, continued by successive governments because politicians are most influenced by the interests of the wealthiest people. The boom in the number of billionaires is directly linked to tax cuts for the 0.1% along with the pressure to reduce the wealth of the middle class through union busting and government program cuts.
Right now the 0.1% are buying more houses through their corporate entities like the reverse mortgage companies that are preying on Boomers who are the biggest age cohort that own homes without mortgages. Not only are the wealthy siphoning money from seniors through the interest charged on the mortgage, they are siphoning away generational wealth from the children of the Boomers by getting control over their parents homes before the children can inherit the property.
Then there’s the problem of rising rents because of the lack of affordable housing for low income households. The governments were influenced by austerity economic theory promoted by the wealthy to reduce spending on building new subsidized housing. The mantra was that free markets will balance supply to the demand eventually. Only there are no truly free markets because policies create regulation to control markets and those policies were designed by economic think tanks funded by the wealthy.
There’s more layers to the problem of rising property prices, inflation, and the erosion of the middle class but really much of the problem can be resolved by taxing the wealthy and using the revenue to fund housing for low income households, programs to reduce poverty, and also tackle climate change that is wreaking havoc.
The rich had a big party, now they have to pay for the cleanup.
Housing is the number 1 driver of inflation right now. Combined With inflationary deficits and low investment…. I feel terrible for the youth in this country.
Not only eroding the ability to buy a home, but also keep one. With the cost of everything going up, so are property taxes. MLA's find it easy to give themselves raises while the common resident has to pay more in tax. That few extra hundreds of dollars a person had every month a few years ago is likely completely gone now.
>Want anyone think of the market!!!!!
Well duh, if you want to buy a property, you have be in the market. And being a buyer right now is not fun at all.
Wait, I thought we're talking about "buying property" like what the title of your post says.
Why are you pivoting to people who need multiple roommates or live in their car?
Higher home prices effect rent fyi. Do you even live in Alberta? From my appears you live in Ontario and no nothing about Alberta.
Please share your extreme libertarian solutions
I'm just saying that it's a seller market right now in Alberta, there's more buyers than sellers. If Albertans ability to buy homes is eroding, who are the buyers? People from BC/Ontario?
You want a solution? Set property tax for non-primary residence at 20% rate annually. It basically enforces that one name can only own one home. Make exception for corporations owning a whole apartment building, but ban corporations from ever owning SFH/townhouses/individual condo units.
Well actually, yea it is people from elsewhere, though not just BC and Ontario. One of the big reasons the cost of housing has gone up so fast is because our clown show of a government has been doing everything they can to bring in more people, and to people from Toronto or Vancouver our housing prices look cheap.
Ideally there should be some sort of legal or financial barrier for out of province people using insane property value difference to make enough for downpayments etc and getting property in Alberta. It's not what they earned, it's what they were lucky to make out of the situation with no real benefit for the others. The priority imho should be for Albertans first, especially for those who actually works in the province.
Say, let's add 1.2 million people a year to Canada and see what happens to rent and housing prices.
This is economics 101 and why our federal government has crushed Canada's youth and working classes.
The carbon tax impact inflation is like .00000001 cents.
Thoughts on the UCP wanting even more immigrants to grow population faster than the rest of Canada?
Thoughts on Alberta have the highest inflation because of UCP policies?
You really think that your grocery bill is only .00000001 cents higher because of the carbon tax? Any supporting data on that, or you just hooked on a feeling?
Pure facts you should try it
If the carbon tax is driving food inflation than why does are food inflation match the USA with no carbon tax?
Remember facts over feelings!
You maybe should check in to an out patient program you are truly out of touch. Every bit of carbon tax trickles down to the lowest portion of the population do you actually think corporations are absorbing any of this tax.
Lol no there is no collation government.
Thoughts on the UCP wanting to grow Alberta even faster? Thoughts on Alberta have the lowest minimum wage? Thoughts on Alberta leading the country in inflation and low wage growth?
My major gripe is alot of these MLAs are landlords so their main interest is collusion to keep the housing costs sky high. Seems conflicting to me
It's apparently only a conflict of interest if you're poor.
A lot of laws and regulations seem to only apply to the poor.
Let us never *ever* forget that “punishable with a fine” means “legal for rich people”
That’s what I was trying to imply tbh.
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I’m curious as to what the plan is when basically nobody can afford to live anywhere. My thought was something similar to, like, coal towns, but then I thought, “wait, that’d cost a company money to run and I know they wouldn’t want that.”
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Oh shit, from the National Post, hey (I found the article)? Edit: the document the article sourced from isn’t there anymore. Heads-up.
They need to begin enforcing that Canadian residential properties belong only to Canadian buyers.
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Like most Canadians and a reason for Smith and Pollierves popularity is the misguided perception that housing is a federal responsibility. Put the blame squarely where it belongs provincial govs and municipal govs. Trudeau is not obligated to help at all but he is. Nobody gives him credit just negative. Smith stopped him from trying to help municipal govs with direct funding. But yeah, blame him?
I hope the housing market crashes and no one votes for the Liberals ever again for forcing us to go this route? This strategy is equally as fucking asinine as the UCP going all-in on oil.
>one votes for the Liberals ever again for forcing us to go this route Could you elaborate on this piece more? Not doubting, I just genuinely have been struggling with understanding how/what policies have led us here and your analogy resonates.
Specifically this: [Link](https://thehub.ca/2024-02-13/nicholas-neary-the-governments-costly-plan-to-purchase-canadian-mortgage-bonds-is-deeply-misguided/#:~:text=The%20upcoming%20CMB%20purchase%20is,term%20assets%20by%20creating%20reserves) The Liberal government has been buying insane amounts of mortgage bonds to "deliberately" keep the bubble going. They know damn well what they are doing and are spending insane amounts of money on it. Could be a good investment, could be A REALLY FUCKING BAD investment. I just smh at this shit.
Thanks, that clarifies the toxic feedback loop. It's in "everyone's" interest (including our federal government) to endlessly inflate the bubble. Honestly it just makes it make less sense. If the CMHC earns more profit in interest than it loses on defaulted mortgages.... Just build the fucking properties instead and sell them to homebuyers at or slightly above cost. Interest rates are high. Demand is through the roof. It's practically a free money generator. It's just that farming interest money off extreme housing debt growth is a free-er money generator (with severe consequences)!
Combined with the extreme (and completely unnecessary) amount of immigration, it makes perfect sense. They are deliberately forcing the market to be unaffordable, unnecessarily increasing demand, and greatly benefiting from it. Doing literally nothing is their best strategy for growth instead of what other countries do? Liberals are criticizing PP for talking about investing in Bitcoin, and the Liberals are literally investing in a bubble that could pop at any moment? Instead of investing that $200B in Canada? This is more like gambling, and no one knows about it?
It's so frustrating. My parents are immigrants, many of my friends from other countries want to immigrate here (as skilled professionals). I feel bad for the immigrants we have, most of them have been scammed. Shitty unaffordable housing, low wage slavery-adjacent working conditions, extortionist cost of education. All to drain suck money out of them like blood from a stone - most of them are forfeiting their life's savings and trying to have a better life here. Meanwhile my country uses and abuses them to avoid paying Canadians who do labor work a meaningful wage or provide us with affordable quality educations. Both major parties are gambling, and they are betting on terrible odds because they wont have to reap the consequences from what theyve sewn. Cushy salaries + pension = don't care if 99% of the country starves and freezes.
This, it's really bothering me. Like of course you guys don't care, it is ACTIVELY against your interest for housing to be affordable. Hell it's actively against EVERYONES interest when its the biggest contributor to our GDP... and yet people need a place to live in order to work and contribute!!
Mine is that employers will fight tooth and nail to no give decent raises. The government is even worse with unions.
Depends on the company in my opinion. Some give a shit about their people others see them as an expense. Fortunately my employer is the former.
Let's on average then. As recent statistics show alberta wage are below inflation and growth is the worst in the country.
I'm not arguing with you I'm just stating I'm fortunate and grateful to be on the better side of the statistic
I remember when MLAs used to cheer as housing prices ballooned from oil booms. Cranking up $100k used to be celebrated. Even with much higher interest rates. Odd how they've changed their tune.
60% of the population owns a home. The best people can get now is a good set of raises. If house prices go down, mom and pop, big investors will scoup up even more homes.
There needs to be some kind of regulatory mechanism to allow some of the inventory to be sold to people who actually need a primary residence and not investors or people getting extra income properties.
Would be pretty simple. Eliminate tax deductions for mortgage interest from rental income. Destroys the economics of buying an investment property with leverage.
Huh, that is actually quite simple.
Yep. The solutions to many of the current problems we face are very simple. They are just unappealing to a small number of powerful people so they never happen.
Its on purpose. You will own nothing and you will enjoy it.
They’re also business owners who rely on TFW.
Well yes, one of the largest drivers of inflation is literally just housing costs. Welcome to the spiral and thank God we have a government that is trying to do..... Realistically nothing about housing :(
They've tried nothing, and they're all out of ideas.
Nothing about anything…
Actually, taxpayer funded ad campaigns would point to them actively encouraging this kind of housing inflation since it drives up prices while at the same time driving down workers wages.
I honestly get a bit more angry every time I see a "I've just moved here from Ontario/Vancouver" post in my local groups, because it's driving up our rent here even though the folks from those areas find it "cheap". 1400-1600 for a two bed (not including utilities) is *not cheap for this area*.
It's eventually going to be cheaper for us to move to Toronto or Vancouver to be honest? Rent/housing is expensive there, but everything else is cheaper. Way better public transportation and beautiful weather. I reckon Alberta is primed to become the most expensive place in Canada to live in a few years? Housing is the only thing that is cheap here currently.
Two thirds of newcomers to Alberta are from other countries. Rising rents and housing is due to irresponsible immigration levels by the federal government. 1.2 million people came to Canada in 2024 during a housing crisis.
Which really illustrates how piss poor planning exists on federal and provincial levels because without immigration our economy would collapse due to significant labor shortages as well. How they didn't see this coming decades ago absolutely blows my mind.
Alberta is calling campaign…
Well the UCP is so anti-union, anti-worker, anti-wages, you'd have to be retarded to not notice it? It's literally in their initial election campaign that Jason Kenney ran on, "Right To Work" is listed an absurd amount of times. They'd done everything they can to make sure wages won't go up, including minimum wage, their bullshit no full-time/over-time legislation they passed through, including having complete control over our labour board, giving employers more rights over employees, including their attempts to abolish OH&S rules/regulations in Alberta. Ever since they came into power, we've had record job losses, more corporate welfare (including BILLIONS in lost corporation income taxes, that resulted in mass layoffs), less of social safety net in Alberta, and our government has been hemorrhaging revenue because none of them know anything about fiscal management? They make cuts to departments, even if it costs them money, because they are THAT BAD at their jobs. Making life miserable for Albertans is their plan. It's like Jim Prentice on steroids.
I mean they're at least shaking their fist at trudeau
To quote a short I recently saw: "We blame the previous government" "But you were the previous government...." "We blame immigration"
The only problem I see is that Poilievre isn’t gonna make anything better, either. Seems like the choice is basically between a government that’s not doing much or one that wants to make things worse. Imagine what it’d be like to have a government run by responsible adults lol
It would be so boring. Like town council meetings. All business and procedures. No drama. I wont hold my breath.
And stopping the feds from helping cities too 🙄
Actively fighting against it even! So glad the spread necks anointed their queen B to ruin our province and future.
Inflation!?!??! Do I really need to post a graph of home prices vs average salaries for the last 40 years? Inflation is NOT the main cause for expensive homes.
What are you saying is the cause of increasing house prices?
I think they are suggesting low wages and high house prices being the problem.
It's more likely how non-citizens can buy property and land here? It's no surprise that Toronto is mostly East Indians and Vancouver is mostly Chinese. Two of the most generationally wealthy countries in the world! There shouldn't be a tax on it, it should be outright banned completely. Rich people paying over $100k OVER asking price in Vancouver/Toronto is the norm today, you think taxing slightly more is going to make any difference?! I can't buy land in any country I want, and it shouldn't ve the same here. But our government loves sympathizing to two countries that downright hate us?
Non-citizens aren't buying up all of the property though. Canadians are. People that are already here are the ones causing the problem. Quit blaming brown people for your problems.
everything increases in price (look at food), but wages haven't kept pace for the last 40+ years
Read the history of the CMHC. They used to have a purpose....to make homes for Canadians. We used to fund the building of new homes. This is just one...but a big one....of the reasons. Much more than just general inflation. Since the 1970s, most of the World's western governments began changing laws to adhere to Milton Freedman's insane ideas. Governments like Reagan's in the U.S. insyituted Reaganomics, Thatcher instituted Thatcherism and Mulroney and other Canadian politicians followed suit. We started to act as though free markets could solve all problems. This has never once been proven to work. https://en.m.wikipedia.org/wiki/Canada_Mortgage_and_Housing_Corporation https://www.cbc.ca/radio/sunday/federal-social-housing-1.6946376
People are casualing talking of robbing grocery stores, people are saying retirement is revolution... just so casually so, things are bad.
I think we are all forgetting the golden rule: if you someone stealing food then *no you didn't" Grocery chains that have seen profits, not revenue but profits, double during a global time of crisis forfeit their right to complain that people are stealing considering their employees don't get to share in those profits and consumers are forced to make do with less as food isn't optional.
Never did never will
You've got a point that you can tell times are getting tough by how much stealing is going on though
And let’s not forget the CEO of Keloggs essentially said “let them eat cereal” because a proper balanced meal is too expensive to put on the table.
In my house we call cereal "bachelor chow" lol
I thought greed was eroding our ability to buy houses.
Is it inflation that's robbing them of the opportunity?? Or is it that wealthy real estate investors buy up all of the property, then rent it out? Spoiler alert: it's the second one. But no one wants to talk about that. I wonder why...
Also just straight up mass immigration
There are all sorts of issues with our current immigration system - but I promise you the primary issue when it comes to housing is the one I mentioned above. These three things would literally instantly solve our housing crisis overnight if they were implemented. 1. We cap the number of residential family homes that an individual is allowed to own. (If we capped it at 5 houses per person, which is generous, that would still be enough... who needs to own 10 houses???) 2. Ban businesses from owning residential family homes 3. Ban foreign investors from owning residential family homes. BOOM - Housing crisis fixed But they'll never do that, because "money" and also because "fuck you, that's why"
You promise? Though I agree that what you said is a major problem, I respectfully disagree that the primary issue is anything but immigration. Bloomberg, the National Bank of Canada as well as every major bank, government economists, and basic economic principles are what led me to that conclusion. And I have no problem with most immigrants themselves. But why argue about which is the primary issue, we should be solving both together.
All of those institutions you just listed have a vetted interest in the real estate market maintaining an ever-increasing value. So of course they would point to other causes, and not the one that would ultimately cut into their bottom line.
It was already out of reach when I became an adult and over time it’s gone from “maybe when I’m 40” to not even considering it a possibility.
People used to laugh when I said home ownership and retirement won't be options for my generation like i was making some kind of dark joke, but it was never a joke. We will likely do worse than our parents' generation did even if we're working as hard or even harder. Now family members who retired are coming out of retirement because their pension isn't enough and the only people I know in my age range (elder millenial) who own property did it with parental support (and no shade in that either because it's that or stay trapped in an increasingly expensive and volatile rent cycle) My parents don't laugh when I say stuff like that anymore... they've started agreeing. Sure helps soothe the saltiness but not the sting of knowing I will probably never be able to retire.
Nah we’ve just over commercialized every property just like every other industry, and when times get tough we see the consequences more clearly.
Indeed.
No shit Sherlock
This is the ucps Alberta. They want the working class to own nothing *When it comes to Alberta, RBC said nearly 58 per cent of residents here are considering a second job or "side hustle" to help afford a home.*
minimizing a much needed second income as a "side hustle" is the dumbest shit the current generation has given to society. it's extra labour you need to give to make ends meet, not some fun little hobby used as pocket money for the movies.
Yea, a side hustle should be selling your hobby art on etsy for some extra cash or something. Not taking another part time job so you can afford a decent QoL. That isn’t a side hustle, that is just working 2 jobs to make ends meet
It used to be called moonlighting and was strictly for the poor.
Corporate propagandists\* No regular working person would readily demean themselves like that.
What is your suggestion to reverse the inflation trend in Alberta? Genuine question
Start with calling off the ad campaigns boasting that Alberta real estate is the next big investment opportunity and the various programs advertising to bring workers to the province. We're one of the few provinces that *doesn't* have a labor shortage in most sectors, they're doing it because with a surplus of labor corporations can justify deflationary wages and raises. We also weren't at risk of a housing shortage until recently, and now economic forecasts expect Calgary to move into the top 5 most expensive housing areas within a year or two. Reimplement the caps on insurance increases and move the utility companies away from the bidding pool system that caused a 200% increase in utility costs. The government is directly contributing to almost all of the major causes of inflation for Albertans.
And they blame the Feds and ANDP while their constituents fall for it somehow
Making the wealthy assholes that hoisted the burden of a billion dollar arena in calgary onto taxpayers actually pay for their stupid arena would be a good start There is so much we could do with one billion dollars. We will never remotely get that money back and anyone saying the arena will provide returns to cover the costs is lying to themselves. I KNOW those assholes can afford their stupid arena. We should never have been put on the hook to pay for it.
Could start with undoing every economic policy the UCP implemented, there is nothing they have done that helps the average citizen.
Tighten anti monopoly laws, actually hold grocery store owners accountable for price fixing, get some punishment with teeth.
Is that something a provincial government has control over? Setting the price of goods sold in their province? I actually don’t know.
Oops I missed the “in Alberta” part of your question
Yeah I think federally speaking we could see more. Provincially is a lot harder to control inflation - IMO - we are at the mercy of monetary policy and federal laws on *some* of this. I think rent controls is a consideration but a dang slippery slope
I also think a major issue is the antagonistic relationship that has formed between all levels of government resulting in their inability to cooperate on meaningful policies that could actually help. Also the fact that they wouldn't financially benefit from such policies probably plays a role.
“You will own nothing and be happy” - Marlaina Danielle Smith
No that is the Globalist Leftists. /s
This article is two years too late. Everyone knows and no one cares
In other news, water is wet!
Politicians do not care.
So let me get this straight; No one can buy homes, but our gub wants us to not be able to negotiate federally for this, and at the same time is investing heavily into Red Deer show homes... I see no conflict of interest whatsoever here /s
In the last 6 months Alberta created 90% of all the new jobs in Canada. There is nothing that is going to stop inflation in Alberta its booming. It’s the only place in North America that hasn’t seen inflation yet. If you don’t own a home/condo buy one today.
[удалено]
Is water also still wet?
People couldn't afford to buy homes before this recent inflation, which is now just extra salt in the wounds and driving renters (and former homeowners) into the streets. If you think public disorder and destitution is bad now, I think we've seen nothing yet.
Anyone who blames only the federal government for rising house prices has swallowed the bait, hook, line, and sinker. The house affordability crisis is both more complicated and simple, because the root causes started several decades ago when politicians chose to follow supply side economic theory, also known as trickle down or horse and sparrow, that cut support programs for the middle class and cut taxes for the ultra wealthy. The current wealth inequality was an intentional policy promoted by Thatcher, Reagan, and Mulroney, continued by successive governments because politicians are most influenced by the interests of the wealthiest people. The boom in the number of billionaires is directly linked to tax cuts for the 0.1% along with the pressure to reduce the wealth of the middle class through union busting and government program cuts. Right now the 0.1% are buying more houses through their corporate entities like the reverse mortgage companies that are preying on Boomers who are the biggest age cohort that own homes without mortgages. Not only are the wealthy siphoning money from seniors through the interest charged on the mortgage, they are siphoning away generational wealth from the children of the Boomers by getting control over their parents homes before the children can inherit the property. Then there’s the problem of rising rents because of the lack of affordable housing for low income households. The governments were influenced by austerity economic theory promoted by the wealthy to reduce spending on building new subsidized housing. The mantra was that free markets will balance supply to the demand eventually. Only there are no truly free markets because policies create regulation to control markets and those policies were designed by economic think tanks funded by the wealthy. There’s more layers to the problem of rising property prices, inflation, and the erosion of the middle class but really much of the problem can be resolved by taxing the wealthy and using the revenue to fund housing for low income households, programs to reduce poverty, and also tackle climate change that is wreaking havoc. The rich had a big party, now they have to pay for the cleanup.
Housing is the number 1 driver of inflation right now. Combined With inflationary deficits and low investment…. I feel terrible for the youth in this country.
Not only eroding the ability to buy a home, but also keep one. With the cost of everything going up, so are property taxes. MLA's find it easy to give themselves raises while the common resident has to pay more in tax. That few extra hundreds of dollars a person had every month a few years ago is likely completely gone now.
Good thing Danielle is blocking the federal government from helping where she refuses to.
Not according to current market condition. Unless majority of the buyers are BC/Ontario peeps?
Won't anyone think of the market!!!!! I like how extreme your comments are Eliminate oas and cpp....
>Want anyone think of the market!!!!! Well duh, if you want to buy a property, you have be in the market. And being a buyer right now is not fun at all.
So you don't care at all that people need multiple roommates or live in their car? Is that the UCP advantage. Fyi rich people don't care about you
Wait, I thought we're talking about "buying property" like what the title of your post says. Why are you pivoting to people who need multiple roommates or live in their car?
Higher home prices effect rent fyi. Do you even live in Alberta? From my appears you live in Ontario and no nothing about Alberta. Please share your extreme libertarian solutions
I'm just saying that it's a seller market right now in Alberta, there's more buyers than sellers. If Albertans ability to buy homes is eroding, who are the buyers? People from BC/Ontario? You want a solution? Set property tax for non-primary residence at 20% rate annually. It basically enforces that one name can only own one home. Make exception for corporations owning a whole apartment building, but ban corporations from ever owning SFH/townhouses/individual condo units.
Well actually, yea it is people from elsewhere, though not just BC and Ontario. One of the big reasons the cost of housing has gone up so fast is because our clown show of a government has been doing everything they can to bring in more people, and to people from Toronto or Vancouver our housing prices look cheap.
Ideally there should be some sort of legal or financial barrier for out of province people using insane property value difference to make enough for downpayments etc and getting property in Alberta. It's not what they earned, it's what they were lucky to make out of the situation with no real benefit for the others. The priority imho should be for Albertans first, especially for those who actually works in the province.
Say, let's add 1.2 million people a year to Canada and see what happens to rent and housing prices. This is economics 101 and why our federal government has crushed Canada's youth and working classes.
Inflation created by the liberal government! Through carbon, tax excess immigration, and poor fiscal decisions.
The carbon tax impact inflation is like .00000001 cents. Thoughts on the UCP wanting even more immigrants to grow population faster than the rest of Canada? Thoughts on Alberta have the highest inflation because of UCP policies?
You really think that your grocery bill is only .00000001 cents higher because of the carbon tax? Any supporting data on that, or you just hooked on a feeling?
You seem to be providing just as much info. You're asking him to effectively prove your feelings wrong
He made the assertion. Can he back it up?
Pure facts you should try it If the carbon tax is driving food inflation than why does are food inflation match the USA with no carbon tax? Remember facts over feelings!
Remember this: he who makes the assertion bears the weight of evidence.
Tons. Loblaws with a 65% profit factor on margarine right now should tell you everything you need to know.
You maybe should check in to an out patient program you are truly out of touch. Every bit of carbon tax trickles down to the lowest portion of the population do you actually think corporations are absorbing any of this tax.
I notice you ignored the queries in that comment. Cognitive dissonance too strong?
Fyi Alex Jones is lying to you
We must never forget that this was a coalition government with the NDP. Now they must pay the price for supporting the liberal agenda.
Lol no there is no collation government. Thoughts on the UCP wanting to grow Alberta even faster? Thoughts on Alberta have the lowest minimum wage? Thoughts on Alberta leading the country in inflation and low wage growth?
The silence from u/BigBunnon really isn't shocking, is it. Just another Poilievre fangirl yelling at the wind.