this post was submitted on 02 Aug 2023
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The provincial government can also pass legislation to stop domestic speculation. If we are being real here we have Canadians doing this to other Canadians. It needs to be stopped. We need to build more AND prevent domestic speculators from buying it all up and sell the stock their currently sitting on.
The only way to stop speculation is either price fixing, or to make sure that there's enough supply that market forces won't bring any notable profit to those who treat land like an investment. The first one's definitely the one that's not going to help, as it doesn't address the issue of a lack of housing, but it's basically the one we're getting with how subsidized housing is done right now.
Honest, if it's possible for there to be a law that states the government is required to build and expand high density housing every time the prices go above something like 30% minimum wage, it would be a solid solution. Either that, or the housing bubble crashes so hard that everybody who invested in housing basically loses their entire life savings, like how it's going on in China right now.
There is also the option of simply making housing something people don't want to own again. It worked for most of human history. Turn our cities back to how they looked 50-60 years ago and you'll scare the people away from owning homes pretty quickly. That is easily within the hands of municipal/provincial governments.
Can you explain? From what I know, the reason why housing wasn't a big issue 60 years ago was because they actually made enough homes so prices were low and pretty much anybody could afford one with 3-5 years' wages.