The housing crisis will never end without levying forceful taxes against real estate speculators and investors. A recent report outlines the necessary actions to impose taxes that can actually narrow the wealth gap and alleviate the housing emergency.
It is actually the more demand drives higher price. high price doesn’t stop people needing housing, it just means everyone pays more and affordable housing for low income gets bought up by middle income because the higher prices in their old home range. i’m in BC it has not stopped climbing, even though they are building everwhere. The 5 year old house across the street from me is empty with weeds growing up through the porch, because it got sold and the new owner did not occupy it.
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People don’t move to a tent when they have a family, they still buy a home or rent at high rates and do less living as a result. i have been iin BC 13 years it has increased every year, and new developments are constant. it is going to keep going up until there are more units in the supply than the demand. it is simple economics 101 with a fair market system.
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Its a slow in sales, not that housing demand got less. people are just forced into higher rent situations instead.
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The houses get bought by the slightly richer class, demand for a house doesn’t stop here when we have tens of thousands of new people moving to vancouver area every year. It means people pay drastic rent or , sublet half their living room has a living space, with the hope of getting into the market. Rates and price inflation prevents those wanting a home to actually aquire one. As soon as somebody does eek out enough they are competing in bidding wars here because of a housing shortage. Shortage produces upward pressure on pricing in every market including housing. Nobody is setting fake high prices thereby curbing demand. The prices are that high because it will get sold at that price, the demand is there for it. We need more units, more density, and stop letting people have vacant homes. Once that happens the market will deflate because there will be leas demand on available supply of units. i would agree with you if we had un sold units sitting on the market forever and then you can say demand is low, But we don’t have that here, we have a shortage of dwellings.
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Here rent can exceed mortgage monthly price, the high prices mean higher down payment which many cant afford, but housing demand doesnt go down, there are more buyers than units, thus price remains high. Everything else you listed goes against supply and demand theory so I can’t have an on going conversation that contravenes known economic theory. Hope you have a good rest of your week.