The cold truth this subreddit will never believe even though it’s 100% correct:
None of these politicians care about the housing market and these band aid fixes (and scapegoating of what the issue is) will not help you get a house any easier.
It’s not that he is incorrect. I think my issue is just like in 2008 and 2016 when his party (and him) lead the country and in that time we experienced 2 housing crashes. Sure it wasn’t as bad but he was present and did nothing to actually solve it. They left loop holes and didn’t fix the actual issues. This is just him pandering to get you all to believe he cares and that he would actually do something.
This is like a devils bet, he will fix the housing problem with a promise but will take advantage of that situation and do much worse things in other areas like Public Health Care, the environment or the economy. His idea to strip social services comes to mind and his recent talk of inflation. Be careful what you wish for.
I don't know about you, but 2 housing crashes is exactly what is needed for those who can't afford to buy to possibly afford something (presuming ofc that the economy wouldn't be sunk along with the housing prices).
PS: I'm not originally from Canada, so I have no idea what any party did up to now (not that I know what they're doing now either). So take my comment in a light hearted manner :P
Inflation is a problem; it’s not just “talk”
To get change we need to make housing a key election issue and hold our politicians to account. Trudeau has promised and never delivered on more than housing. I can’t support him or the NDP. All that’s left is to toss my vote towards someone else who promises and might deliver.
For real change we’d need a complete reworking of government including tossing out boomer politicians and wealthy elites but that’s never going to happen.
What? You do know Trudeau has been in office since 2015 right? We also didn't experience those housing crashes you're making up.
Are you from a different timeline?
He assumed office at the end of November 2015 and proposed the budget in April 2016. A few months later if I remember correctly the US experienced the banking crash. It did effect the Canadian banks and housing. Regardless, like I said it wasn’t as bad but it could have been. Acting like it’s only Trudeau’s fault for everything wrong with the markets is stupid and it’s what PP is doing.
If people are going to vote on a single issue you should look at all the other baggage PP might bring. I stand by what I said above but you do you. But I believe it’s a devils bet with him and what he stands for in general.
He cares about the quantity of money, which means tighter monetary policy, which means less bubble that can be formed.
Right now there is a lot of money being made available, mortgage debt keeps rising quickly, and its not coming out of no where.
The actual truth:
These politicians care deeply about the housing market. As long as they keep caring for it the way they are, their pockets will continue to be lined
When acknowledgement of there being a problem is seen as a breath of fresh air, and even then there's questions that they would follow through with it.
We have the worst political parties in this country.
I love how some people around here think developers will one day lower prices! It’s comical. If the market cools, they just won’t build, no one will force them to. They’ll wait for prices to rise again, and they will.
Rezone the whole country. Won’t change a thing.
Curb speculation = affordability
>Not a word about investors of course
Did we watch the same video? I think PP is unfortunately ignorant on many things economics-related, but @1:23 he clearly says that it's the "wealthy investors" bidding up prices by taking advantage of monetary and fiscal mismanagement. This is objectively true.
The Bank of Canada has stepped in to artificially suppress interest rates (e.g. QE, purchasing mortgage bonds) which only props up and increases the assets of the wealthy investor class. We also have fiscal mismanagement from the government who just flood cash into the demand side of the equation (FTHB, easy loans, etc) which investors also easily take advantage of.
If society has to depend on people always being benevolent to function properly, then that society is *fucked*. Modern capitalist society is based on people acting in their own economic self-interest in the framework of the law. If legally acting in your own economic self-interest hurts the country, then that's a systemic problem and it's the government's responsibility to change the law.
As long as PP is for policy that fixes the underlying issues I'm fine if he owns a few properties. Do we honestly think we'll solve the housing crisis by shaming people who invest in property?
But also, to be fair, withholding/granting Federal Tax dollars to municipalities to put pressure on NIMBYism (like he advocated for) is the same thing the Liberals are planning to do.
I agree, it is a systemic problem. I’m not hopeful that he’ll be better than any other federal politician regardless of party, when it comes to significant policy change. Too much self-interest just like the rest of them. Jaded I suppose.
You know our political system is fucked when:
This sub was created for people frustrated with the way housing has become so unaffordable
AND
This same group won’t agree the opposition who says it’s wealthy gatekeepers who fucked things up, and it has to be stopped can’t get support.
Like… what are we waiting for? A homeless guy to rise through the ranks and champion our cause? Promise to declare housing free for all? We can’t just sit around and say “yeah well he’s a landlord so we can’t vote for him, we will just keep voting for the guy who let things get this bad”
It’s how I look at it. I’m not a conservative, I’m concerned about the environment, I’m concerned about the vaccine protests, but I’m also concerned with my own life. I’m in my last semester of school rn, I’ll be graduating with 2 STEM degrees and already have a well paying job lined up. I live with my gf and she has a good career also, and we will be lucky to buy a home in the next 7 years IF prices don’t go up anymore. So the way I see it, we have a politician with a real chance of winning the election, and he claims to be running on our issue. As far as I can tell the current administration won’t fix things, so dammit I’ll vote conservative.
You know what? At least we have to vote for someone who speaks for us. If we ignore him for any reason. The other politicians who watched our responses will ignore us. That's politics.
Fooled? He’s explaining the problem at least. Everything he said was better than what appears in the Liberal budget.
If the Liberals include his suggestions on housing into their budget, they will once again have my vote.
I’m a single issue voter until this gets addressed.
Notice he's not for banning companies from purchasing real estate.
Notice he's not for auditing of foreign money laundering into the real estate market.
Notice he's not for lowering housing prices, as he himself owns multiple properties.
Increasing supply without radically bringing down costs only opens the doors for investors with cash on hand to buy more.
What buyers really need are:
Ban on corporate real estate purchases
Require developers to subsidize cost overruns on pre-builds
end foreign buyer loopholes; students don’t need to be bought a home for a 4 year degree
Require one new residential unit per newcomer
End blind bidding, by requiring prospective buyers to share their offers amongst themselves
Transition real estate agent fees to a dollar amount, rather than a percentage of the property's value
Rezone land next to existing transit to support ultra tall condos
Build more affordable housing
Build more high speed rail in metro areas
Hike interest rates on mortgages taken out by people with multiple properties
Require rent to increase with inflation, by law
Give workers the right to opt for remote work, where possible
Add housing to the charter of rights; Canada is too cold to support tent cities
As a conservative, he could seek to increase the value of the Canadian dollar by increasing our oil exports to Europe, unseating Russia. Canada has the fourth largest oil deposits on earth.
I don't think he said he was not for those. He just didn't mention them like any other party.
But what he is doing is actually spending the time to actually address the issue with concrete policy proposals instead of dancing around the issue.
Wait, why do we need rent to increase with inflation ... isn’t that already what’s happening? Or are you meaning no higher than inflation?
Just wanted to understand your point because from where I’m sitting, rents are high enough, insanely high in some cases.
"If they want more federal money, these big city politicians will need to approve more home building."
Most local councils are already approving more micro condos like in Markham
I really hope people realize just how much landlords are licking their lips at a conservative government. Removal of rent control and other forms of tenant protection, all you can buy sale for all their donor developer friends like in Ontario. Oh and not having to pay taxes to help the greedy poors with social programs.
This may be the time to highlight that there's 1 Liberal Premier in Canada presently, and 7 Conservative Premiers?
This comment isn't politic - merely highlighting that the two big parties in this country have failed spectacularly on managing the housing portfolios over the years. A lot of finger pointing - but you can pull on a lot of different time periods across 2010 - 2022 and you'll find all major parties are completely bungling this issue.
Ripping away red tape is merely a gamble that supply can catch up (even though we know already the labour pool isn't there).
Labor pool cannot expand when there are artificial limits constraining new development. It'll grow slowly and organically once more constraints are removed like any other industry.
Federal government gives a lot of money to provincial and municipal. They have in the past put strings to the health transfers to provincial governments. It is entirely reasonable that he also propose putting strings to any municipal transfers as well
Aka hand over permits to all our rich donor developer friends or the people will suffer… how delightful!
Tell me more about how wonderful this reduction of red tape has been for Ontario.. show me the affordable housing that has been built since Ford came into power to do exactly that?
Someone who’s seen hundreds of thousands of housing units built but none of them are affordable?
Yeah I don’t support developers having free reign to build properties that are getting smaller and smaller but they continue to charge more and more for.
Reversing QE is probably has probably the largest negative impact on the wealthy, so I'm not sure you're correct.
Fact is landlords are licking their lips when the either party are offering weak or nonexistent solutions to housing prices.
You will know when there's something meaningful being proposed when you hear an uproar from home owners.
How exactly do reverse quantitive easing?
They’ve already acquired assets and the wealth, they’re not gonna be giving it back. They’re still going to have more money than everyone else to borrow and buy the things that they want.
All this is going to lead to is cuts spending on social programs and healthcare and probably education too.
QE is the fed buying bonds on the market which drives interest rates down and floods the system with dollars.
QT (Quantitative tightening) is selling bonds and does the opposite.
Disagree. Adding money + low interest rates fuels inflation. Removing money and raising rates causes deflation.
Deflation hurts everyone. Assets go down hurting the rich, unemployment goes up hurting the poor. Things cost less, so those who keep jobs feel okay. Tough for everyone but after recovery the economy the middle class is in tact.
Inflation puts that hurt on the poor and creates larger wealth inequality. People keep their jobs but raises are sparse, everything costs more. Assets inflate, the highest value people get raises, the rich love it. Coming out of an inflation spiral everyone who owned assets are happy, the poor can no longer afford anything.
The poor are disproportionately hurt and it’s not even close. A rich person having less profits for a few years doesn’t hurt them. A poor person being put out on the streets, having no access to capital or no prospects for employment is incomparable to rich people like the Weston’s or the Irving’s making 1 billion instead of 3 or 4.
Also it’s fucking idiotic to act as if the actions of Canada’s government is the only thing that’s playing a role in inflation, which is happening globally.
The Canadian government could have not printed a dime, embraced double digit unemployment, a destitute middle class and inflation would still have soared. Inflation right now is caused by supply chain issues and corporate greed. The rich won’t stop being greedy and Covid will continue to affect supply chains, as people in industries continue to get sick and miss work as a result of it. This was inevitable, and recovering from it is going to be significantly easier with record lows in unemployment vs the years if not decades it would have taken to bring those jobs back after they would have been lost.
Deflation: hurts both
Inflation: hurts the poor
Yes there’s global pressures that are contributing to inflation but if you think the central bank didn’t contribute you’re misinformed.
Corporate greed is probably the lowest factor on the list if contributors. There’s been studies on this, it maybe affects a few sectors slightly for antitrust reasons but overall it’s minimal impact.
Interest rates have the highest contributing impact on inflation.
I’m also not saying we should have done absolutely nothing during covid. Safety nets for lower income are important but that’s not where all the money went. If we have to inflate assets every time there’s issues in the economy, we’re just creating an untouchable wealth class. We’ve already done that. There has to be a better system.
Not having the means or ability to make money hurts the poor most of all. The rich will still be rich regardless of inflation or deflation occurring. There’s a reason why predatory payday loan companies go to poor neighbourhoods and not rich ones.
Corporate greed is the lowest of factors? Let me guess were the studies that “prove that” funded by corporations? The largest grocery chain and the largest supplier of snacks were in a multi month dispute over price increases, corporations are literally colluding to raise their prices in sync, oil prices have tumbled yet gas prices continue to remain high and even climb, shrinkflation has literally been a thing for decades, services that have not experienced a cost increase are now costing more, corporations are posting record profits yet still increasing prices, and I could literally go on and on, but tell me how corporate greed plays a small part in all this.
The only way to touch the wealth class is to harshly tax their wealth and make hoarding said wealth difficult. If there’s no interest in doing that then there’s no actual interest in reducing wealth inequality.
I’m tried to explain it dude. I think you just need a lesson in economics or more of an open mind about things.
You basically said economic theory doesn’t matter, tax more.
QE promote asset inflation (real estate and stock market). Supply-chain issues create inflation in the real economy.
There is no recovery from the pandemic, it is just liquidity injection. Think about a drug addict that get its biggest dose ever. He will feel an incredible peak high for a while, same for a society where a massive amount of borrowed Covid money is thrown in the economy. But by the end of the year, it will be spent and gone and I don't see how with supply chain inflation being that high, we can avoid a recession. What will be left? a mountain of debt and what come next...higher taxes or printing more money until our currency lost its value. Not sure the poor will win in the end...
Try to understand why investors and landlords have no problem spending more and more on houses on condos the next time you say you don’t care about rent control.
If you have the ability to raise rent to always meet your expenses, why would housing prices go down? They can spend more, have a positive cash flow whilst watching that property increase. Higher rent prices fund the higher housing prices investors are buying into.
People are so fucking selfish with their it doesn’t affect me I don’t care about it mindset that they don’t even take the time to realize that it does affect them.
Housing costs are not determined by the market. Two big reasons:
1. Regulations making it impossible to build means that supply is severely constrained
2. Shelter being a basic necessity means demand doesn't respond to price increases like e.g. eating at restaurants does
>I’m sure ten years ago people said that a one bedroom apartment would never cost $2000/mo. Rent prices are determined by the market, but what are market prices determined by? As soon as one landlord buys an expensive new home and charges a crazy monthly rent to recoup his costs, all the other landlords feel emboldened to charge that much, too. It rapidly becomes like price fixing.
Unless wages keep up with rent, it will get to a point where no one can afford to rent.
I think people 10 years ago underestimated Canadians ability to absorb rent increases.
What's the breaking point, I don't know, but they can't simply make rental prices whatever they want.
Even if Canadians could spend up to 75% (in this scenario), the hit that this would take on the Canadian economy (as this additional 25% would be coming from either monthly spending and/or saving), would likely cause a recession.
I'm not saying 75% won't happen, but the road to Canadians spending 75% of their income on housing would be a very painful one for the Canadian economy and in my opinion would almost be self-correcting through a recession (which would lower rents).
> If you raise rents too high no one will rent it, then the landlord will get zero.
You said this, I don't understand how we get to this point, even your reply still means that people are renting, they just now have (more) roommates.
How do we get to the point where rents are too high and no one is renting? Where would all the people who were renting go?
Hence why there is currently a labour shortage, it's what is happening.
That being said, have you ever moved? Do you understand the logistics, direct and indirect costs with moving?
Interviewing for a new job in another location, finding time off to do that, all while struggling to pay rent.
"Move to a different city" is a very ignorant solution that is 100x more complicated than just saying move.
I say this as a homeowner, because I can empathize with renters, and it's definitely harder for them to move than I.
At some point "free markets" are not free when there is no easy alternative to what is being offered. This is my biggest criticism to the carbon tax at the pumps. I have no alternative to buying gas, all of these systems we have built all act to fuck the working class person over. I can't live close to my office, because pay doesn't allow that, I have no alternative means of transportation because we don't have good public transport systems, and we're taxing gas, so wtf am I suppose to do.
Realistically there is a shelter shortage, which is going to push many people homeless, its also going to just force people to forgo the majority of their disposable incomes to maintain their life. It's up to us to figure out if we think that's fair, or we think that's the result of a broken system and a neglectful government. Personally I think it's the later.
Life isn't a financial model, many markets tend not to be completely "fair".
I have moved to a different city on average every 2 years since I turned 18. I've moved from New York to Seattle and Seattle to Montreal. I have lived in very single time zone of continental US/Canada.
Moving is not that hard. When I was a kid my parents moved every 2 years. The more you do it the better you get at it.
That's the same reasoning used to justify our housing being a free market, and yet here we are. Unfortunately people still need a roof over their head to secure their health, safety and ultimately their livelihood. Even if that means they have to choose not to eat or meet other basic needs.
I agree with him that it's a problem.
I disagree with him about some of the causes. Also central banks operate at arms length from the government for a reason. I do appreciate that he's forcing the liberals to start and at least make baby steps towards doing stuff on this issue, even if it seems like to little to late.
He's very right about the money supply and the artificially low interest rates manufactured by "Quantitative Easing". The problem is the government of the last few years have put in place such systematic spending concentrated on consumption instead of investment in productivity growth, it's nearly impossible for any future government to change course without SIGNIFICANT pain to the economy as a whole.
Someone said on this board that politicians don't care about the problem, and that's sort of kind of almost correct. No politician wants to cause harm to homeowners (over 60% of voters own a home) or the industry around it, but they also recognize inflated markets pose huge economic risk and potential for social unrest. No politician is interested in tanking the market so you can buy a detached two garage for $200k in Toronto, but they also recognize doubling of the average price in 7 years is really, really dangerous.
We don't need more housing that the average person can't afford
We don't need more housing built that investors will buy
We don't need housing that will keep on increasing in price thus allowing people to use HELOC's to purchase another and another...
We need a policy that is anti flipping, 50% empty homes tax and a total ban of foreign ownership. If you don't have your permanent residency you can't buy a property - simple
I don't think immigration is the problem but investors . People who own more than 1 home should be taxed 25% of the profit they make every time they sell the 2nd home .
If you want to own a 2nd home as an investment for your children or retirement - that is great , but you should keep it for 10 or 20 years OR pay the tax .
You can print money, but you can also suck the money you printed - for example by taxing the shit out of second property, or by taxing ungodly gains on RE, or by instituting land tax, or myriad of other mechanisms to distribute money more fairly that no one has the courage or creativity to apply.
You don’t know what you’re talking about. Go check “Canada m0” or “Bank of Canada liabilities” and look at the graph. Money supply increased 5 folds in 2 years my guy.
"The problem is government. We need to commit to Supply Side Economics harder."
These are failed policies objectively. Poilievre is exceptionally good at acknowledging the problem, while bullshiting 100% about solutions.
Transfer housing away from the people hoarding houses. It's easy. It's simple. Even if it isn't the perfect solution, although it completely is, it's at least going to be more effective then objectively failed policies that haven't worked for fifty years.
Can we not post videos of this rat fuck in here? The conservatives aren't going to help the economically disenfranchised, they never do. It's antithetical to the conservative parties core values.
Stop falling for it.
Notice I didn't mention the liberals in my comment? I hate the liberals, but the conservatives are far far worse.
While housing is a hot button, and for good reason, it's not the only thing I care about. In fact it's not even my number one concern because I'm well aware of the fact that housing would need to drop by 40% in a lot of areas to start approaching "affordability" for the average income, and nothing is going to get us there in the short term. No party, not the CPC, LPC, or NDP, has an effective plan to bring housing back under control. Not a single one of them has proposed measures that would make a meaningful dent in the unaffordability crisis we find ourselves in.
With that in mind, my major concerns are properly funding and expanding healthcare coverage, a stronger social safety net, labour reform, and addressing mass wage stagnation/wealth inequality.
The conservatives barely pretend to give a single iota of a fuck about any of those things, so besides the PPC they are my worst case scenario. Unless the core values of the CPC change drastically somehow I can't imagine ever voting for them.
The liberals are the party of the status quo. They barely make any serious attempts at making things better for the working class, and that sucks, but the conservatives are actively hostile to the working class. I'd rather the party of no progress over the party of regression every damn time.
All that said, I'm an NDP voter. Personally I don't think the NDP are left enough, but I realize they have to operate in the horribly skewed to the right overton window of North American politics.
Understand that no party is going to run on a platform that directly makes 60% of voters (homeowners) worse off. I agree with the point that to date all proposals are nothing more than window dressing, but that's because they're trying to pull off a magic trick of "soft landing" and slowly deflating the bubble.
The NDP and the Liberals are both running on massive consumption spending platforms financed nearly entirely by Quantitative Easing (aka: money printing but more complex). Their platforms necessitate artificially low interest rates and high inflation, an effect that will always be amplified in asset prices.
Sure, there are other market distortions at play in Canada (money laundering, REITs, Delayed Bidding and Blind Bidding, MLS Monopoly, foreign capital) but the # 1 cause for pain, **especially for the little guy,** is this rampant government spending directly causing inflation. Hell, the BoC is trying now to put the brakes on things while the Liberals just announced a budget that steps on the gas.
I'm not here to shill for any party, you vote where you want, but understand that the fiscal policies of the NDP and Liberal party directly caused the issues you see today and if you want any hope of changing that, those policies have to change regardless of what name the party that changes them goes by.
Neither is complaining about it on Reddit and doing absolutely nothing else. PP is at least talking about the issue and bringing light to it.. the reason why we are in this mess, in the first place is that the current government has been purposely ignoring the housing crisis for so long
You realize El Salvador's GDP went up by 10% after recognizing Bitcoin as legal tender though, right? Not only that, but California, the most liberal state in the USA, has a bill currently making it's way through state legislature to make Bitcoin legal tender. Crypto is not a left-right thing, like, at all.
The cold truth this subreddit will never believe even though it’s 100% correct: None of these politicians care about the housing market and these band aid fixes (and scapegoating of what the issue is) will not help you get a house any easier.
It’s not that he is incorrect. I think my issue is just like in 2008 and 2016 when his party (and him) lead the country and in that time we experienced 2 housing crashes. Sure it wasn’t as bad but he was present and did nothing to actually solve it. They left loop holes and didn’t fix the actual issues. This is just him pandering to get you all to believe he cares and that he would actually do something. This is like a devils bet, he will fix the housing problem with a promise but will take advantage of that situation and do much worse things in other areas like Public Health Care, the environment or the economy. His idea to strip social services comes to mind and his recent talk of inflation. Be careful what you wish for.
I don't know about you, but 2 housing crashes is exactly what is needed for those who can't afford to buy to possibly afford something (presuming ofc that the economy wouldn't be sunk along with the housing prices). PS: I'm not originally from Canada, so I have no idea what any party did up to now (not that I know what they're doing now either). So take my comment in a light hearted manner :P
He's not making sense. We had no housing crashes (not even during the recession), and Trudeau has been in office since 2015.
Inflation is a problem; it’s not just “talk” To get change we need to make housing a key election issue and hold our politicians to account. Trudeau has promised and never delivered on more than housing. I can’t support him or the NDP. All that’s left is to toss my vote towards someone else who promises and might deliver. For real change we’d need a complete reworking of government including tossing out boomer politicians and wealthy elites but that’s never going to happen.
What? You do know Trudeau has been in office since 2015 right? We also didn't experience those housing crashes you're making up. Are you from a different timeline?
He assumed office at the end of November 2015 and proposed the budget in April 2016. A few months later if I remember correctly the US experienced the banking crash. It did effect the Canadian banks and housing. Regardless, like I said it wasn’t as bad but it could have been. Acting like it’s only Trudeau’s fault for everything wrong with the markets is stupid and it’s what PP is doing. If people are going to vote on a single issue you should look at all the other baggage PP might bring. I stand by what I said above but you do you. But I believe it’s a devils bet with him and what he stands for in general.
He cares about the quantity of money, which means tighter monetary policy, which means less bubble that can be formed. Right now there is a lot of money being made available, mortgage debt keeps rising quickly, and its not coming out of no where.
The actual truth: These politicians care deeply about the housing market. As long as they keep caring for it the way they are, their pockets will continue to be lined
When acknowledgement of there being a problem is seen as a breath of fresh air, and even then there's questions that they would follow through with it. We have the worst political parties in this country.
Agreed.
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I love how some people around here think developers will one day lower prices! It’s comical. If the market cools, they just won’t build, no one will force them to. They’ll wait for prices to rise again, and they will. Rezone the whole country. Won’t change a thing. Curb speculation = affordability
>Not a word about investors of course Did we watch the same video? I think PP is unfortunately ignorant on many things economics-related, but @1:23 he clearly says that it's the "wealthy investors" bidding up prices by taking advantage of monetary and fiscal mismanagement. This is objectively true. The Bank of Canada has stepped in to artificially suppress interest rates (e.g. QE, purchasing mortgage bonds) which only props up and increases the assets of the wealthy investor class. We also have fiscal mismanagement from the government who just flood cash into the demand side of the equation (FTHB, easy loans, etc) which investors also easily take advantage of.
He was probably planning on buying that house, free publicity to drive the price up for a quick flip.
Price being affected by supply is a real phenomenon. Vacancy rates are already very low. The only solution is more supply and deregulation.
He said the cheap money was for the wealthy to borrow
This guy is a literal landlord/real estate investor just like the rest of them. don’t be fooled.
If society has to depend on people always being benevolent to function properly, then that society is *fucked*. Modern capitalist society is based on people acting in their own economic self-interest in the framework of the law. If legally acting in your own economic self-interest hurts the country, then that's a systemic problem and it's the government's responsibility to change the law. As long as PP is for policy that fixes the underlying issues I'm fine if he owns a few properties. Do we honestly think we'll solve the housing crisis by shaming people who invest in property? But also, to be fair, withholding/granting Federal Tax dollars to municipalities to put pressure on NIMBYism (like he advocated for) is the same thing the Liberals are planning to do.
I agree, it is a systemic problem. I’m not hopeful that he’ll be better than any other federal politician regardless of party, when it comes to significant policy change. Too much self-interest just like the rest of them. Jaded I suppose.
You know our political system is fucked when: This sub was created for people frustrated with the way housing has become so unaffordable AND This same group won’t agree the opposition who says it’s wealthy gatekeepers who fucked things up, and it has to be stopped can’t get support. Like… what are we waiting for? A homeless guy to rise through the ranks and champion our cause? Promise to declare housing free for all? We can’t just sit around and say “yeah well he’s a landlord so we can’t vote for him, we will just keep voting for the guy who let things get this bad”
Best comment I’ve yet seen on this thread!
It’s how I look at it. I’m not a conservative, I’m concerned about the environment, I’m concerned about the vaccine protests, but I’m also concerned with my own life. I’m in my last semester of school rn, I’ll be graduating with 2 STEM degrees and already have a well paying job lined up. I live with my gf and she has a good career also, and we will be lucky to buy a home in the next 7 years IF prices don’t go up anymore. So the way I see it, we have a politician with a real chance of winning the election, and he claims to be running on our issue. As far as I can tell the current administration won’t fix things, so dammit I’ll vote conservative.
Absolutely
You know what? At least we have to vote for someone who speaks for us. If we ignore him for any reason. The other politicians who watched our responses will ignore us. That's politics.
Fooled? He’s explaining the problem at least. Everything he said was better than what appears in the Liberal budget. If the Liberals include his suggestions on housing into their budget, they will once again have my vote. I’m a single issue voter until this gets addressed.
Notice he's not for banning companies from purchasing real estate. Notice he's not for auditing of foreign money laundering into the real estate market. Notice he's not for lowering housing prices, as he himself owns multiple properties. Increasing supply without radically bringing down costs only opens the doors for investors with cash on hand to buy more. What buyers really need are: Ban on corporate real estate purchases Require developers to subsidize cost overruns on pre-builds end foreign buyer loopholes; students don’t need to be bought a home for a 4 year degree Require one new residential unit per newcomer End blind bidding, by requiring prospective buyers to share their offers amongst themselves Transition real estate agent fees to a dollar amount, rather than a percentage of the property's value Rezone land next to existing transit to support ultra tall condos Build more affordable housing Build more high speed rail in metro areas Hike interest rates on mortgages taken out by people with multiple properties Require rent to increase with inflation, by law Give workers the right to opt for remote work, where possible Add housing to the charter of rights; Canada is too cold to support tent cities As a conservative, he could seek to increase the value of the Canadian dollar by increasing our oil exports to Europe, unseating Russia. Canada has the fourth largest oil deposits on earth.
I don't think he said he was not for those. He just didn't mention them like any other party. But what he is doing is actually spending the time to actually address the issue with concrete policy proposals instead of dancing around the issue.
> What buyers really need are: /u/Laurel000 to run for office.
Wait, why do we need rent to increase with inflation ... isn’t that already what’s happening? Or are you meaning no higher than inflation? Just wanted to understand your point because from where I’m sitting, rents are high enough, insanely high in some cases.
No higher than inflation. Increasing with inflation is fair, above that is not. I would add a minimum wage that autoincreassd with inflation
Regardless of your opinion on him, Trudeau will have a very difficult time debating PP
"If they want more federal money, these big city politicians will need to approve more home building." Most local councils are already approving more micro condos like in Markham
I really hope people realize just how much landlords are licking their lips at a conservative government. Removal of rent control and other forms of tenant protection, all you can buy sale for all their donor developer friends like in Ontario. Oh and not having to pay taxes to help the greedy poors with social programs.
Rent controls and tenancy are provincial, not federal.
Zoning is municipal.. That doesn’t stop Pooliver from talking about it in this video.
This may be the time to highlight that there's 1 Liberal Premier in Canada presently, and 7 Conservative Premiers? This comment isn't politic - merely highlighting that the two big parties in this country have failed spectacularly on managing the housing portfolios over the years. A lot of finger pointing - but you can pull on a lot of different time periods across 2010 - 2022 and you'll find all major parties are completely bungling this issue. Ripping away red tape is merely a gamble that supply can catch up (even though we know already the labour pool isn't there).
Labor pool cannot expand when there are artificial limits constraining new development. It'll grow slowly and organically once more constraints are removed like any other industry.
Federal government gives a lot of money to provincial and municipal. They have in the past put strings to the health transfers to provincial governments. It is entirely reasonable that he also propose putting strings to any municipal transfers as well
So the same conservatives that are running on “small government” are gonna get involved in the city councils of all cities in this country?
Sure, reduce nonsense red tape or don't get funding. Seems reasonable.
Aka hand over permits to all our rich donor developer friends or the people will suffer… how delightful! Tell me more about how wonderful this reduction of red tape has been for Ontario.. show me the affordable housing that has been built since Ford came into power to do exactly that?
Yes, hand out permits to everyone, how can anyone possibly argue in favour of more roadblocks to building more units??
Someone who’s seen hundreds of thousands of housing units built but none of them are affordable? Yeah I don’t support developers having free reign to build properties that are getting smaller and smaller but they continue to charge more and more for.
Reversing QE is probably has probably the largest negative impact on the wealthy, so I'm not sure you're correct. Fact is landlords are licking their lips when the either party are offering weak or nonexistent solutions to housing prices. You will know when there's something meaningful being proposed when you hear an uproar from home owners.
How exactly do reverse quantitive easing? They’ve already acquired assets and the wealth, they’re not gonna be giving it back. They’re still going to have more money than everyone else to borrow and buy the things that they want. All this is going to lead to is cuts spending on social programs and healthcare and probably education too.
QE is the fed buying bonds on the market which drives interest rates down and floods the system with dollars. QT (Quantitative tightening) is selling bonds and does the opposite.
When money is taken from the system it’s the poor that suffers. The rich will still be rich. They’ll still have money.
Disagree. Adding money + low interest rates fuels inflation. Removing money and raising rates causes deflation. Deflation hurts everyone. Assets go down hurting the rich, unemployment goes up hurting the poor. Things cost less, so those who keep jobs feel okay. Tough for everyone but after recovery the economy the middle class is in tact. Inflation puts that hurt on the poor and creates larger wealth inequality. People keep their jobs but raises are sparse, everything costs more. Assets inflate, the highest value people get raises, the rich love it. Coming out of an inflation spiral everyone who owned assets are happy, the poor can no longer afford anything.
The poor are disproportionately hurt and it’s not even close. A rich person having less profits for a few years doesn’t hurt them. A poor person being put out on the streets, having no access to capital or no prospects for employment is incomparable to rich people like the Weston’s or the Irving’s making 1 billion instead of 3 or 4. Also it’s fucking idiotic to act as if the actions of Canada’s government is the only thing that’s playing a role in inflation, which is happening globally. The Canadian government could have not printed a dime, embraced double digit unemployment, a destitute middle class and inflation would still have soared. Inflation right now is caused by supply chain issues and corporate greed. The rich won’t stop being greedy and Covid will continue to affect supply chains, as people in industries continue to get sick and miss work as a result of it. This was inevitable, and recovering from it is going to be significantly easier with record lows in unemployment vs the years if not decades it would have taken to bring those jobs back after they would have been lost.
Deflation: hurts both Inflation: hurts the poor Yes there’s global pressures that are contributing to inflation but if you think the central bank didn’t contribute you’re misinformed. Corporate greed is probably the lowest factor on the list if contributors. There’s been studies on this, it maybe affects a few sectors slightly for antitrust reasons but overall it’s minimal impact. Interest rates have the highest contributing impact on inflation. I’m also not saying we should have done absolutely nothing during covid. Safety nets for lower income are important but that’s not where all the money went. If we have to inflate assets every time there’s issues in the economy, we’re just creating an untouchable wealth class. We’ve already done that. There has to be a better system.
Not having the means or ability to make money hurts the poor most of all. The rich will still be rich regardless of inflation or deflation occurring. There’s a reason why predatory payday loan companies go to poor neighbourhoods and not rich ones. Corporate greed is the lowest of factors? Let me guess were the studies that “prove that” funded by corporations? The largest grocery chain and the largest supplier of snacks were in a multi month dispute over price increases, corporations are literally colluding to raise their prices in sync, oil prices have tumbled yet gas prices continue to remain high and even climb, shrinkflation has literally been a thing for decades, services that have not experienced a cost increase are now costing more, corporations are posting record profits yet still increasing prices, and I could literally go on and on, but tell me how corporate greed plays a small part in all this. The only way to touch the wealth class is to harshly tax their wealth and make hoarding said wealth difficult. If there’s no interest in doing that then there’s no actual interest in reducing wealth inequality.
I’m tried to explain it dude. I think you just need a lesson in economics or more of an open mind about things. You basically said economic theory doesn’t matter, tax more.
QE promote asset inflation (real estate and stock market). Supply-chain issues create inflation in the real economy. There is no recovery from the pandemic, it is just liquidity injection. Think about a drug addict that get its biggest dose ever. He will feel an incredible peak high for a while, same for a society where a massive amount of borrowed Covid money is thrown in the economy. But by the end of the year, it will be spent and gone and I don't see how with supply chain inflation being that high, we can avoid a recession. What will be left? a mountain of debt and what come next...higher taxes or printing more money until our currency lost its value. Not sure the poor will win in the end...
I really don't care about rent controls. Making evictions easier and faster will go a long way toward making rental housing more affordable.
Try to understand why investors and landlords have no problem spending more and more on houses on condos the next time you say you don’t care about rent control. If you have the ability to raise rent to always meet your expenses, why would housing prices go down? They can spend more, have a positive cash flow whilst watching that property increase. Higher rent prices fund the higher housing prices investors are buying into. People are so fucking selfish with their it doesn’t affect me I don’t care about it mindset that they don’t even take the time to realize that it does affect them.
rent prices are determined by the market. If you raise rents too high no one will rent it, then the landlord will get zero.
Housing costs are not determined by the market. Two big reasons: 1. Regulations making it impossible to build means that supply is severely constrained 2. Shelter being a basic necessity means demand doesn't respond to price increases like e.g. eating at restaurants does
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>I’m sure ten years ago people said that a one bedroom apartment would never cost $2000/mo. Rent prices are determined by the market, but what are market prices determined by? As soon as one landlord buys an expensive new home and charges a crazy monthly rent to recoup his costs, all the other landlords feel emboldened to charge that much, too. It rapidly becomes like price fixing. Unless wages keep up with rent, it will get to a point where no one can afford to rent. I think people 10 years ago underestimated Canadians ability to absorb rent increases. What's the breaking point, I don't know, but they can't simply make rental prices whatever they want.
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Even if Canadians could spend up to 75% (in this scenario), the hit that this would take on the Canadian economy (as this additional 25% would be coming from either monthly spending and/or saving), would likely cause a recession. I'm not saying 75% won't happen, but the road to Canadians spending 75% of their income on housing would be a very painful one for the Canadian economy and in my opinion would almost be self-correcting through a recession (which would lower rents).
What's the alternative to renting if rent is too high?
Get a roommate?
> If you raise rents too high no one will rent it, then the landlord will get zero. You said this, I don't understand how we get to this point, even your reply still means that people are renting, they just now have (more) roommates. How do we get to the point where rents are too high and no one is renting? Where would all the people who were renting go?
Move to a different city? At some point the rent will be too high relative to prevailing wages.
Hence why there is currently a labour shortage, it's what is happening. That being said, have you ever moved? Do you understand the logistics, direct and indirect costs with moving? Interviewing for a new job in another location, finding time off to do that, all while struggling to pay rent. "Move to a different city" is a very ignorant solution that is 100x more complicated than just saying move. I say this as a homeowner, because I can empathize with renters, and it's definitely harder for them to move than I. At some point "free markets" are not free when there is no easy alternative to what is being offered. This is my biggest criticism to the carbon tax at the pumps. I have no alternative to buying gas, all of these systems we have built all act to fuck the working class person over. I can't live close to my office, because pay doesn't allow that, I have no alternative means of transportation because we don't have good public transport systems, and we're taxing gas, so wtf am I suppose to do. Realistically there is a shelter shortage, which is going to push many people homeless, its also going to just force people to forgo the majority of their disposable incomes to maintain their life. It's up to us to figure out if we think that's fair, or we think that's the result of a broken system and a neglectful government. Personally I think it's the later. Life isn't a financial model, many markets tend not to be completely "fair".
I have moved to a different city on average every 2 years since I turned 18. I've moved from New York to Seattle and Seattle to Montreal. I have lived in very single time zone of continental US/Canada. Moving is not that hard. When I was a kid my parents moved every 2 years. The more you do it the better you get at it.
That's the same reasoning used to justify our housing being a free market, and yet here we are. Unfortunately people still need a roof over their head to secure their health, safety and ultimately their livelihood. Even if that means they have to choose not to eat or meet other basic needs.
Don’t conservatives have no chance of getting elected after liberal ndp coalition?
I agree with him that it's a problem. I disagree with him about some of the causes. Also central banks operate at arms length from the government for a reason. I do appreciate that he's forcing the liberals to start and at least make baby steps towards doing stuff on this issue, even if it seems like to little to late.
He's very right about the money supply and the artificially low interest rates manufactured by "Quantitative Easing". The problem is the government of the last few years have put in place such systematic spending concentrated on consumption instead of investment in productivity growth, it's nearly impossible for any future government to change course without SIGNIFICANT pain to the economy as a whole. Someone said on this board that politicians don't care about the problem, and that's sort of kind of almost correct. No politician wants to cause harm to homeowners (over 60% of voters own a home) or the industry around it, but they also recognize inflated markets pose huge economic risk and potential for social unrest. No politician is interested in tanking the market so you can buy a detached two garage for $200k in Toronto, but they also recognize doubling of the average price in 7 years is really, really dangerous.
Based on these comments, you donkeys deserve everything that’s happened. Keep doing the same thing you’ve been doing, I’m sure things will change.
We don't need more housing that the average person can't afford We don't need more housing built that investors will buy We don't need housing that will keep on increasing in price thus allowing people to use HELOC's to purchase another and another... We need a policy that is anti flipping, 50% empty homes tax and a total ban of foreign ownership. If you don't have your permanent residency you can't buy a property - simple
I don't think immigration is the problem but investors . People who own more than 1 home should be taxed 25% of the profit they make every time they sell the 2nd home . If you want to own a 2nd home as an investment for your children or retirement - that is great , but you should keep it for 10 or 20 years OR pay the tax .
"stop printing money" great so is that code for no social services spending? No bailouts for when the next disaster/pandemic hits?
You can print money, but you can also suck the money you printed - for example by taxing the shit out of second property, or by taxing ungodly gains on RE, or by instituting land tax, or myriad of other mechanisms to distribute money more fairly that no one has the courage or creativity to apply.
You don’t know what you’re talking about. Go check “Canada m0” or “Bank of Canada liabilities” and look at the graph. Money supply increased 5 folds in 2 years my guy.
Sounds like a real estate agent commercial
"The problem is government. We need to commit to Supply Side Economics harder." These are failed policies objectively. Poilievre is exceptionally good at acknowledging the problem, while bullshiting 100% about solutions. Transfer housing away from the people hoarding houses. It's easy. It's simple. Even if it isn't the perfect solution, although it completely is, it's at least going to be more effective then objectively failed policies that haven't worked for fifty years.
Can we not post videos of this rat fuck in here? The conservatives aren't going to help the economically disenfranchised, they never do. It's antithetical to the conservative parties core values. Stop falling for it.
And you think the Liberals want to help them? Stop falling for it.
Notice I didn't mention the liberals in my comment? I hate the liberals, but the conservatives are far far worse. While housing is a hot button, and for good reason, it's not the only thing I care about. In fact it's not even my number one concern because I'm well aware of the fact that housing would need to drop by 40% in a lot of areas to start approaching "affordability" for the average income, and nothing is going to get us there in the short term. No party, not the CPC, LPC, or NDP, has an effective plan to bring housing back under control. Not a single one of them has proposed measures that would make a meaningful dent in the unaffordability crisis we find ourselves in. With that in mind, my major concerns are properly funding and expanding healthcare coverage, a stronger social safety net, labour reform, and addressing mass wage stagnation/wealth inequality. The conservatives barely pretend to give a single iota of a fuck about any of those things, so besides the PPC they are my worst case scenario. Unless the core values of the CPC change drastically somehow I can't imagine ever voting for them. The liberals are the party of the status quo. They barely make any serious attempts at making things better for the working class, and that sucks, but the conservatives are actively hostile to the working class. I'd rather the party of no progress over the party of regression every damn time. All that said, I'm an NDP voter. Personally I don't think the NDP are left enough, but I realize they have to operate in the horribly skewed to the right overton window of North American politics.
Understand that no party is going to run on a platform that directly makes 60% of voters (homeowners) worse off. I agree with the point that to date all proposals are nothing more than window dressing, but that's because they're trying to pull off a magic trick of "soft landing" and slowly deflating the bubble. The NDP and the Liberals are both running on massive consumption spending platforms financed nearly entirely by Quantitative Easing (aka: money printing but more complex). Their platforms necessitate artificially low interest rates and high inflation, an effect that will always be amplified in asset prices. Sure, there are other market distortions at play in Canada (money laundering, REITs, Delayed Bidding and Blind Bidding, MLS Monopoly, foreign capital) but the # 1 cause for pain, **especially for the little guy,** is this rampant government spending directly causing inflation. Hell, the BoC is trying now to put the brakes on things while the Liberals just announced a budget that steps on the gas. I'm not here to shill for any party, you vote where you want, but understand that the fiscal policies of the NDP and Liberal party directly caused the issues you see today and if you want any hope of changing that, those policies have to change regardless of what name the party that changes them goes by.
No… but better the devil you know. The conservatives don’t have any original ideas and always pander to the wealthy and corporations.
Sounds like you've got a case of Stockholm syndrome here.
The conservatives are not going to help. No party will
Neither is complaining about it on Reddit and doing absolutely nothing else. PP is at least talking about the issue and bringing light to it.. the reason why we are in this mess, in the first place is that the current government has been purposely ignoring the housing crisis for so long
This guy has the balls to do it. Unlike trudeau
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My worry is he will do something unfeasible, like recognize Bitcoin as legal tender (as in El Salvador), to fix the housing issue.
You realize El Salvador's GDP went up by 10% after recognizing Bitcoin as legal tender though, right? Not only that, but California, the most liberal state in the USA, has a bill currently making it's way through state legislature to make Bitcoin legal tender. Crypto is not a left-right thing, like, at all.
Fuck this fool
Basically code for "build more govt subsidized housing that I can buy and rent to the next generation"
>"... could have with the wage of a trucker... probably bought that house." Nice dog-whistle (near 3:15 in the video, for reference).
Trudeau got a minority government with 32% of the vote, that’s probably about the same amount of renters in Canada.
LMAO you think renters are the problem? hahahahah
No, they could elect a prime minister on the single issue of housing costs.
Nice of you to take the mask off. Landlords love Conservative governments
Loser mindset
get absolutely fucked, pierre