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Canada likely sitting on the largest housing bubble of all time: Strategist - BNN Bloomberg
(www.bnnbloomberg.ca)
this post was submitted on 31 Aug 2023
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It’s sweet that you think we can just implement social policies like that.
Only the rich and corporations would benefit from the housing market crashing.
I mean, just tax corporate home ownership, double property tax for homes that sit empty for more than 3 or 6 months, and put a 50% tax on any rental net profits above 15% of the total rental price.
Use that money for high density/low income development grants, seems simple to me.
Bit of a stretch to say only. I know several middle class people who are renting and would be in a much better position if rent dropped and housing dropped.
Admittedly those middle class who already own a home would be affected.
But they can afford to be affected. They'd still own their house, whereas now more people can own one too.
Or anyone sitting on their hands waiting to buy a house… like all the young peop—oh yeah they don’t have any savings because rent went up and wages never moved.
What? Not the people who can't afford a house? They wouldn't benefit?
Where do you get this malarkey? I can't wait to hear what mental gymnastics you go through to make this seem true.
People that can’t afford a property now won’t be able to either when we go in a recession. Housing prices will drop, sure, but so will people’s incomes/savings. Individuals and entities that have deep pockets can withstand this dip and swoop in to buy up all the cheap properties and hoard them until the prices inevitably go up again.
I’m not the only person that thinks this way.
Or do you think the housing market exists in a vacuum and the bubble will pop without any other economic consequences?
Why do you keep saying recession?
I don't think prices will drop, period. The moment they do, a company will buy up all it can and prevent the average citizen from owning anything, just as you said.
As far as income is concerned, there's no way in hell it will drop proportionally in a real estate crash, just like wages didn't rise proportionally with a bubble.
I don’t know if you’re being intentionally obtuse about this? In case you’re asking in good faith, I say recession because I don’t think it’s mutually exclusive from the housing bubble popping. I think if one happens the other will follow. But that’s just me.
Ok then.