Carney said he’s propose “some big changes and some bold new ideas” in the coming weeks to address those economic issues. He vowed the Liberals “are going to win the (next) general election” despite the party’s months-long polling slump under Trudeau.
I don’t believe this is true and I speculate there are good reasons enough homeowners (like me) will sign up for such a scheme. For example that this shields them from the risk of devaluation which can happen in number of unrelated ways. Another example is that many are worried and understand their children will not be able to afford a home unless prices fall. Ultimately the only way to know for sure is to see how people vote on a proposal like that. Homeownership is around 60% so you don’t even need most homeowners to go along with this for it to have broad support. I’m just speculating enough will. Could be wrong.
I didn’t do that. I did a back-of-the-napkin feasibility calculaton like you did and I think it shows what I suggested is feasible. No more, no less. If other first world countries have such schemes and are doing alright, likely we could too.
How does your scheme protect from devaluation? If my home drops say, 200k but you’re going to offset some of that in pensions, okay, let’s put aside the lost equity, how does this stop me losing say, half the equity in my home from some random devaluation?
Providing a living pension doesn’t mean I’m no longer interested in the investment I’ve spent 20 years paying off…
This is not a napkin calculation, this is handwaving!
The value of what I proposed is 320K. If I signed up for the scheme, I will get 320K guaranteed by the government pension and I no longer care what my home is worth. If I don’t and the market crashes for whatever reason, I lose whatever the market shaves off from my property’s equity. I guess you wouldn’t like this deal. I would. ☺️
I’m fairly confident few people would choose this scheme because otherwise you would’ve already sold your homes and kept the difference…