this post was submitted on 11 Jun 2023
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26
Great Canadian housing bailout: How real estate unaffordability is being propped up (nationalpost.com)
submitted 2 years ago by [email protected] to c/[email protected]
21 comments fedilink hide all child comments
 

I'm surprised we've seen basically nothing from provincial or federal governments to improve housing/rental affordability. With riding interest rates, I was expecting at least a slump, but that hasn't happened. Instead, we've seen amortizations grow rapidly.

The Office of the Superintendent of Financial Institutions has recommended

Removing the ability to extend amortization periods could exert downward pressure on some house prices, as it reduces the options available to help some borrowers meet their financial obligation

But (AFAIU) Parliament has ignored the recommendation. It's a really shitty situation, that I don't see a way out of.

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[–] [email protected] 5 points 2 years ago (1 children)

I think of the two concerns, the unproductive asset is more serious. With all our investment dollars tied up, we will struggle to compete globally.

The young people looking elsewhere is less concerning. I know lots of young people talk about moving to the USA, but that is not so easy these days. Immigration to the USA from kinda is not trivial, and with unemployment in the USA slowly increasing, it is only going to get worse.

[–] [email protected] 2 points 2 years ago

I'd bet on US having a much more robust and faster recovery than Canada. Their unemployment while slowly increasing, historically is still very low, and I'd guess if you're in a specialized field immigration to US as a Canadian would be easy. I'm personally contemplating it.

And with bommers retiring I think the labour shortages will be with us for a while.