Prices will drop. Im at the tail end of the boomer generation. When my generation is done with our houses in 10 to 15 years there will be a massive oversupply as we sell off. If our kids dont want our house (they already have their own) then they will pour onto the market and the law of supply and demand says that when there is over supply, prices drop. That is assuming, of course, that we dont keep importing more buyers at a furious pace.
The fly in the ointment is that if Canada does not enact laws to keep corporations from buying up single family houses, they will be bought up by companies, not other families.
By “we”, im assuming its referring to Denmark, one of Canadas neighboring countries
Please do, our housing market never actually crashed during the 2008 crash and now 50+ year old shacks are worth 1/4 million dollars.
You mean 1.4 million, not 1/4 million.
As your bitter and ornery US neighbor, let me profess to you the profit of driving around your neighborhood at night firing guns.
To be fair, we don’t have that much land in Canada
Previously uninhabitable tundra is about to become prime property if the climate continues on its current course.
Invest in a few acres of frozen hellhole now, and in thirty years flip it for a gorillion bitcoins
Make sure its a few feet above sea level. It will eventually become beachfront property. This a good time to sell before its underwater.
I mean tbh even with the crash 50+ year old shacks can be $1 million or more in the US lol.
I’d think a lot of folks would jump at owning any property at that price. The reality is that most of those 50+ year old shacks start at 1 1/4 million unless you want to move to absolute nowhere.
If Canada is directly compared to the United States I beg to differ. Considering the steps Canada is taking towards Europe I say ‘Oh Canada we stand in guard for thee’
The average home price in Toronto or Vancouver are about equal with the average home price in LA. Montreal rivals New York. Prices absolutely need to come down.
They do, but I have such little faith in any layer of governance in this country to do that in a meaningful way. The line must go up!
There will be a small correction (underway now in Vancouver for example) but then the march upwards will resume. Real estate in Canada has gotten Too Big To Fail™ after decades of legislative abdication.
This tracks
Canada was on my list of places I might move to after this job, but I’m not gonna choose to live next to crazy
Yo wtf no.
It’s a joke about how the unkempt shitty house on the street brings down the neighbours value, implying America is your shitty neighbour.
