• BCsven@lemmy.ca
    link
    fedilink
    arrow-up
    2
    arrow-down
    1
    ·
    1 year ago

    That is part of the solution, the othee part is not letting a foreign owner buy a place and leave it vacant.

    • Evkob@lemmy.ca
      link
      fedilink
      arrow-up
      9
      ·
      1 year ago

      Why do people always specify “foreign” owners? I don’t see how being born in Canada should enable one to hoard housing.

      • ttmrichter@lemmy.world
        link
        fedilink
        English
        arrow-up
        2
        ·
        1 year ago

        Because the people who are the actual problem love that Canadians are looking abroad for the source of the problem instead of a wee tad closer to home.

      • BCsven@lemmy.ca
        link
        fedilink
        arrow-up
        1
        arrow-down
        2
        ·
        1 year ago

        House Hoarding is also an issue, but at least a Canadian is going to rent it to make cash and provide housing. Foreign owners often sit on empty prooerties to move money from China (or elsewhere) and so you have a full house vacant. This creates a lot of housing supply issues thus driiving prices artificially. If we had enough units available for anybody looking, even canadian house horders woyld see rental price drop, and make it not so lucrative to rent

        • Rocket@lemmy.ca
          link
          fedilink
          arrow-up
          1
          ·
          edit-2
          1 year ago

          If we had enough units available for anybody looking

          That’s literally what price is for. The higher the price, the fewer people actually looking. Eventually equilibrium is found where what is for sale matches those serious about buying.

          If you think there are more people looking than there are units, expect prices to climb a whole lot more.

          • BCsven@lemmy.ca
            link
            fedilink
            arrow-up
            2
            ·
            1 year ago

            It is actually the more demand drives higher price. high price doesn’t stop people needing housing, it just means everyone pays more and affordable housing for low income gets bought up by middle income because the higher prices in their old home range. i’m in BC it has not stopped climbing, even though they are building everwhere. The 5 year old house across the street from me is empty with weeds growing up through the porch, because it got sold and the new owner did not occupy it.

            • Rocket@lemmy.ca
              link
              fedilink
              arrow-up
              1
              ·
              edit-2
              1 year ago

              It is actually the more demand drives higher price.

              An increase in demand at a given price will see the price climb, but in doing so demand will decline in kind. That is why the price rises – to allow those who demand something more to “win”, pushing other parties who were interested at the lower price out of the market. “I would like to have something” isn’t what defines demand.

              high price doesn’t stop people needing housing

              Housing is more inelastic than a lot of things, but there is always a bowing out point. The average person might be able to eke out a million dollar home, but they’d never be able to buy a billion dollar home. They’d go find a tent to pitch in the forest, or something.

              i’m in BC it has not stopped climbing

              The data clearly shows that early 2022 was the top of the market. Maybe it will climb again, but for now that is not true.

              • BCsven@lemmy.ca
                link
                fedilink
                arrow-up
                2
                ·
                1 year ago

                People don’t move to a tent when they have a family, they still buy a home or rent at high rates and do less living as a result. i have been iin BC 13 years it has increased every year, and new developments are constant. it is going to keep going up until there are more units in the supply than the demand. it is simple economics 101 with a fair market system.

                • Rocket@lemmy.ca
                  link
                  fedilink
                  arrow-up
                  1
                  ·
                  edit-2
                  1 year ago

                  People don’t move to a tent when they have a family

                  They do when they can’t afford a house. Like, actually can’t afford a house, not just saying they can’t afford a house on an internet forum while occupying one just fine behind the anonymous internet username.

                  it is going to keep going up until there are more units in the supply than the demand.

                  Indeed, although BC prices peaked in 2022, so we’re already there. The higher cost of housing on the backs of higher interest rates has no doubt quashed some demand. A higher cost sees a decline in demand. Imagine that.

                  • BCsven@lemmy.ca
                    link
                    fedilink
                    arrow-up
                    2
                    ·
                    1 year ago

                    Its a slow in sales, not that housing demand got less. people are just forced into higher rent situations instead.