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.
Canada needs to adopt a public housing model. It’s the only way out of this hole.
Limit how many parcels/properties/acres any one person or business can own.
It would reduce the demand significantly and allow for people to offer less to buy a home when there aren’t 15 people trying to buy their fourth rental property.
Limits will always have loopholes:
Open a bunch of small shell companies, each with exactly enough properties to meet the limit
be nice of there were restrictions on corporate home purchasing also
Canada needs to make SO. MANY. CHANGES. Not just federally, but provincially and municipally too.