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+--- Thread: Dark side of Canada: Unaffordable housing & rent scaring people away? (construction) (/thread-15846.html)
Dark side of Canada: Unaffordable housing & rent scaring people away? (construction) - C C - May 9, 2024
https://youtu.be/ZvSNcnG2eqY
VIDEO EXCERPTS: Trudeau had one simple message. It's time for a change in this country, my friends. A real change. Canadians across the country were excited and energized. They believed in a bright future for Canada. The government would build more homes, make life more affordable, and usher Canada into a golden age. The Canadian dream.
But fast-forward to today, and that dream has faded. Housing prices have increased at record rates. Food banks are turning away hungry Canadians, and immigrants are leaving in record numbers. The Canadian dream has become a nightmare. This is the dark side of Canada.
To buy the average home in Canada. A family needs to earn $170,000 per year. And in Vancouver, that number jumps dramatically to $360,000 per year.
Compare this to the median family income of $70,000. And it becomes clear that it is nearly impossible to buy a home in Canada.
Most Canadians who don't own a home have given up and don't see it as remotely possible in their lifetime.
[...] Even if you can afford a home, you aren't getting very much. Take Vancouver, for example. The average home here is nearly $2 million, and it looks like this.
Who wants to spend nearly $2 million on a small home like this? When you can get a mansion in places like Austin for the same amount?
Now, not everyone wants to buy a home, and many are perfectly fine renting. But renting is just as hard as buying a home due to years of under building NIMBYism, population growth and government red tape.
The supply of rental units is far outweighed by demand across Canada...
[...] It's getting to the point where you can choose to keep a roof over your head, or you can choose to keep the lights on and eat. But you can't do both.
[...] Landlords realize that renters have few options, and therefore they continue to raise rents to extract maximum value...
[...] In fact, many would argue that the government is making life much harder for Canadians. The problem with housing affordability is a combination of federal and local government policies and inaction on a federal level.
Prime Minister Justin Trudeau has overseen the largest increase in Canadian real estate prices in history.
Much of this is due to his immigration policy. Since 2016, the government has admitted nearly 3 million immigrants into the country. That is a record and 40% higher per year in the last few decades.
To make matters worse, there are over 1 million foreign students in the country. By increasing the population so significantly in such a short period of time, the government has squeezed an already under built housing market.
It is simple economics. Increasing demand without increasing supply causes prices to go up.
[...] Rooming houses are also commonplace across the country, where landlords squeeze five students into one bedroom to maximize profit.
Immigration isn't the only reason for rising prices, though, and it's easy for folks to point the finger. But Canada has underinvested in housing for decades.
[...] For one, citizens who own homes are often against development as it would lower the value of their properties. Permit approvals are hard to get, and NIMBYism challenges most large developments.
Elected officials know this and therefore don't push hard for housing to avoid losing an election. Furthermore, each city and province levies a multitude of taxes that drive the cost and timeline for development...
Why no one wants to live in Canada ... https://youtu.be/ZvSNcnG2eqY