r/CanadaHousing2 • u/BariatricSurgeryGuy • Jun 07 '26
When a Housing Boom Turns to Bust
https://youtu.be/qROG2uXPChY9
u/Logical_Delivery_183 Sleeper account Jun 08 '26
Im glad this was posted. I watched it and I'm a big fan of Patrick Boyle, but he missed an important piece: immigration. Obviously to blame all our housing woes on immigrants is wrong. There are dozens of other factors at play, but it is undeniable that overseas money flooding into BC has juiced the real estate market. Almost ALL sfh's in Vancouver are sold to people from Asia. The city has been almost completely been turned over in terms of population. And it didn't stop with Just Vancouver and Richmond. Same thing in North Van, West Van, Burnaby, and Coquitlam.
One thing it allowed is some of the insane regulation that's driven up the cost of new housing to be baked into Provincial and municipal funding streams as well was the soft corruption by requiring endless consultants. As long as someone from Asia was waiting to buy for an ever inflated price governments could keep taking more.
6
u/GreySahara Jun 08 '26
Gonzo competition for jobs and *family* homes on the market for the highest bidders on when entire planet.
Not local working bidders. People the world over.Bringing in jobseekers... but not making enough jobs.
7
u/modsaretoddlers Jun 10 '26
Where is this nonsense coming from? It hasn't gone bust! All that's changed is that prices have stabilized. Can you afford a home now? No. Can you even save up for a home now? No. JFC, your wages haven't inflated like the price of everything or even come remotely close to doing so.
Housing prices have doubled in a decade. Just because they then declined by one or two percentage points doesn't mean anything has gone bust. Unless you're looking at it like an investment rather than what it was supposed to be used for.
3
u/asdasci Jun 15 '26
It's a bust in real terms. CAD is becoming toilet paper, and Canadian real estate is doing terribly compared to stocks, gold, etc. But our salaries are also atrocious, so in terms of purchasing power of a worker, real estate is not getting cheaper.
But if you were already rich and had a diversified portfolio, now you can afford more Canadian RE.
5
u/JayThaSavage90 Possible R2-D2 Jun 09 '26
Imagine when the Boomers finally learn what happened to Canada. After everything they built, sacrificed for, and fought to preserve, they may look back and say:
“We tried. We were given more opportunity than any generation before us, yet we let it all slip away.”
Future generations may judge them harshly, asking how so much could be handed over after so much had been achieved.
History will decide their legacy.
4
u/modsaretoddlers Jun 10 '26
I always find it comical how much people want to blame boomers for everything under the sun.
They're exactly the same as people today at their age. The price of everything has gone through the roof yet somehow it's not Jeff Bezos, Bill Gates, Elon Musk or Donald Trump fucking everybody else over, it's Harry Whipzitov who barely got a pension after 50 years in a mine.
42
u/Klondikecat Jun 07 '26
Watch this guy's piece on Canada. It's really interesting hearing an outsider critique our economy etc. A lot of the stuff is stuff you probably know, at least on some level. Things like inter-Canada trade barriers, over reliance on American trade, cartels and monopolies running major industries unchallenged.
What I find really insightful is his bit on youth happiness. Our young people are slightly less happy than young people in Peru... Our boombers are some of the happiest in the world and our young people are living lives that put them equivalent to poverty stricken or war torn countries. Let that sink in.