Reminded me of this video, that I still cannot get over. How fucking tone deaf are these people.
Robert Kavcic, senior economist at BMO Capital Markets, told Global News “as much as a quarter to maybe a third or slightly more of certain markets are being bought up by multiple property purchasers or investors. So (that is) adding another layer of competition to first time buyers that are actually looking to get into the housing market for a place to live.”
If true that’s fucking nuts. That sort of thing needs to be taxed so hard to no longer make it profitable. We all understand that you don’t go for seconds until everyone has eaten, but when it comes to a basic human need like shelter, people say FYGM.
If that was the case then we’d have legislation that taxes property speculators - we do not. In fact I keep hearing how they want to protect “mom and pop” landlords, or how landlords are doing a service by providing rentals.
ONLY the provincial Green Party has proposed doing fuck all about speculators. Speculators became a larger segment of the market than first time buyers a few years back.
I think when you look at the demographics of the area, along with the fact that money laundering is known issue, along with the very well known affinity of the Chinese for property as an investment (see Evergrande et al), and yeah it’s not hard to connect those dots.
The unfortunate part is it’s hard to get stats to back it all up because of a failure of governance for decades at all levels of government.
I get that we literally need immigration to support the ponzi scheme of social benefits. But maybe knowing that should have pushed literally anyone to take housing seriously for the last 10+ years?
The writing has been on the wall for over a decade. I’m constantly amazed at how short sighted every level of government was on this. You’d think that at least NOW we would be taking this seriously, but no. Instead we are simply drilling new holes on an already sinking ship.
At least other countries are trying to make things better.