175
Canada likely sitting on the largest housing bubble of all time: Strategist - BNN Bloomberg
(www.bnnbloomberg.ca)
this post was submitted on 23 Aug 2023
175 points (95.3% liked)
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Iโm ready for this bubble to pop.
You're saying this but no you're not.
The riskier mortgages are guaranteed by the government, that means everyone pays if people stop paying their mortgage.
Retirement for most owners without a pension fund depends on being able to sell their property, that's also something the whole country would end up paying for through safety nets.
If prices crash that means even more easy to snatch properties for the richest, so even less supply.
The housing bubble bursting would lead to the same social crisis they had to go through in the USA, wishing for it to burst is wishing for people to die, more than are now because of the bubble.
Except in the US it brought prices back down to "normal" levels. Their were still expensive but they remained more affordable than here.
They remained more affordable, for a time. And then housing prices went right back through the roof.
I bought a foreclosed house in 2012 for ~280k. It had been purchased by the previous owner for about 480k.
I put about 150k into it, 100k the first year to make it a liveable property, and 50k or so over the next ten years.
I sold it last year for about 850k...
I then bought a new house that cost about 450k when it was built 4 years ago, for about 680k, in a less expensive market.