Buying A House In Canada Has Never Been Harder, Years To Correct: RBC
Buying A House In Canada Has Never Been Harder, Years To Correct: RBC
Canada’s largest bank is warning that housing has never been less affordable. New data from RBC shows housing affordability is now the worst it has ever been as of Q4 2023. Income failed to keep up with mortgage payments, resulting in affordability erosion in every market they track. Forecast intere...
This is absolutely asinine coming from the people who made money on the problem in the first place.
Here's an idea: lobby the government to raise taxes on the rich and really raise taxes on real-estate speculation, and then use those taxes to build public housing at scale.
...silence...
What, bankers don't want to pay for the kind of society that wouldn't have a housing shortage? Quelle suprise...
Far more is needed than simply taxing the rich. The problem is that our (capitalist) economy depends on the exploitation of people in order for it to work.
If it's not workers, it's tenants, and if it's not tenants, it's shoppers. As long as someone can be milked for everything and anything with no protection whatsoever, the higher-ups will continue to do it.
Raising taxes on the rich will just result in the rich taking it out on the poor to make up the difference. And a little money out of a rich person's pocket won't hurt them, but a little more money taken from a poor person (a.k.a. everyone who isn't rich) is a death sentence.
That's not how exploitation works, not really. The rich will exploit as much as they can. Prices are already set to maximize profit. The rich can't pass higher prices along, because if they could charge more, they already would. Cutting taxes on big companies doesn't create jobs or lower prices -- and raising taxes won't destroy jobs or raise prices.
Just wait until landlords can pass on tenants with bad credit!
Landlords already can and do check the credit of tenants. The new change is only that paying rent affects your credit.
We were asked to provide our credit score when we signed out lease, so yes I think that's already the case
Thank you, captain obvious.
Just say "impossible". Buying housing in Canada is impossible, unless you are wealthy.
Many are buying second houses with an assumption of higher rent prices. Rent for high price that covers the EMI.