Simpler solution – provide direct funding to small community credit unions at a low deposit rate, with a stipulation that the money must be used to provide mortgages to first time home buyers within mid-lower income brackets, at discounted mortgage rates.
The CUs win by having direct investment to shore up capital requirements and free marketing to draw people away from the big banks. The gov wins by offloading the task of targeting funds to specific demos on to the CUs, using the gov regulators that’re already in place to provide oversight - and by bolstering a ‘small business’ industry which is also an ‘alternative’ to the big bank oligopoly. Buyers win by having lower carrying costs/ more realistic price points. Sellers win by having a market of some sort to sell to, which they generally don’t at the moment.
Surprising nobody, as this was the plan.
Every single fucking solution they put forward has had the same effect. If it’s meant to help the buyers, it’s still going to help the wealthiests who are going to price everyone else out of the market, and help them save money while doing it. Meanwhile the rest of us keep getting fucked.
Until there are tangible limits on who can own residential property and how much of it, the working class will always suffer. We also need wages that match the cost of living for the working class.
Well yeah, they can’t actually get away with doing anything that impacts the wealthy or upper middle classes. The poor and working classes are the weakest and easiest to abuse and exploit, so we get abused and exploited. Maybe if we actually grouped up for once without getting emotionally baited apart, we’d have some clout and not be so easy to abuse and exploit. But that’s socialism!
Well no shit . Are they both idiots?
Another tax break for developers that increases taxes for homeowners (and thus increases rent)
It’s doing what it’s meant to do.
Have Carney and Ford disagreed on anything other than who pays for dinner?
no, they both agree it’s up to us to pay for all their whims
The western world will never learn that capitalists will never be your friend.
You mean the people without money living in a capilitistic run government? Because I am pretty sure a bunch of wealthy people find the government very friendly.
Capitalists aren’t eachother’s friends either.
Sure, no one is actually friends. Just a bunch of people all invested in keeping their status quo. It just so happens that their goals align with each other at times.
But they act in solidarity while stoking division amongst the 99%
I don’t think people voted for carny as much as against Bitcoin pete
They’ve been gaslighting western society (and the rest of the world too) for so long that the lights are now going out and we’re losing our ability to see anything.
Pulling third World countries out of acute poverty by stealing their resources has been a very effective selling point.
I recently inherited what, 7 years ago, would have been able to buy 2 houses in my city.
Today i can use it to put a down payment and still carry a 30 year mortgage on a single home.
*i won’t live another 30 years. So i will rent forever.
the only thing that can make housing affordable is for it to be no more than 3x typical pay for a typical place.
If provincial and federal governments want to truly tackle this problem, they should work together to fund the purchase (or at least down payment) of property for more housing coops in order to remove the profit-skimming middleman. Then whatever small crew of people are needed for managing day-to-day concerns or sudden issues are all answering directly to a democratically-run tenants’ or condo owners’ union, and rents only have to go up at the rate of long-term operating costs (which I believe it’s been shown can stay relatively flat for a while once a building’s initial cost is paid off).
They are not genuinely interested in anything that is going to lower property values. Their stakeholders and keepers are far more interested in preserving and even increasing property values.
Of course they don’t want to lower property values. If you reduced house prices to pre covid cost plus a more standard increase, say 25% vs the 53% google tells me that has happened in Ottawa. Anyone that has bought recently would be absolutely screwed. If they end up having borrowed more than the house is worth, the bank isn’t going to let them renew. That’s a lot of people whose down payment would have evaporated.
My tinfoil hat theory has been that this is just another way for them to cool down the housing crisis by just a bit, not by virtue of the policy being good, but instead by increasing the share of homeowners in the country to tilt the conversation slightly more towards The Haves. It achieves nothing significant aside from just another kicking of the can down the road.
But this. This just shows that they really aren’t that smart.
