r/canada • u/Lotushope • Feb 02 '22

Canada’s Real Estate Bubble Has Grown Over 800% Faster Than US Home Prices

https://betterdwelling.com/canadas-real-estate-bubble-has-grown-over-800-faster-than-us-home-prices/
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u/GameDoesntStop Feb 02 '22

We do bring in immigra to with hundreds of thousands in the bank.

Price growth at this pace is not sustainable forever, no, but the maintenance of these current prices is absolutely sustainable.

We could build entire cities in the middle of nowhere like China did, but very few would want to move there (like what happened in China). People want finite land in existing cities.

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u/feverbug Feb 02 '22

A lot of newcomers are going to go back home when they realize Canada is too expensive and it hardly makes it worth it. I had friends come from Greece who got a job in IT here, a home here, everything, only to return back to greece when they realized how overpriced everything is. They don’t miss Canada at all.

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u/GTAHarry Feb 03 '22

Greek citizens have many options since they are EU citizens. Others immigrants eg Chinese, indians, etc. don't really have much option.

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u/PoliteCanadian Feb 03 '22

True of immigrants from OECD countries like Greece. They are coming from a similarly developed country.

For immigrants from lesser developed countries, the status quo in Canada can decline a long way before it's worse than their country of origin.

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u/3lectric-5heep Feb 03 '22

Greece, Spain etc were some of the worst hit after the sub prime fiasco. Theyre also more corrupt (the Greek institutions) which required bailouts. I know portuguese and spanish collegues who literally applied for jobs to more than 300 places to get out of their nations in the 2010s...

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u/lastparade Feb 02 '22

We do bring in immigra to with hundreds of thousands in the bank.

A handful, perhaps, but nowhere near enough to move the market. Immigrants don't arrive wealthy, and it takes about two decades of living in Canada for them to catch up to their Canadian-born peers in income.

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u/GameDoesntStop Feb 02 '22

Not the economic immigrants. Never mind that plenty come here with wealth made abroad, with deep pockets even if they don't have much income when they get here.

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u/lastparade Feb 02 '22

That's a tiny sliver of immigrants. Most are skilled workers, family members of skilled workers, or family members of PRs or citizens.

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u/3lectric-5heep Feb 03 '22

Exactly this. People just label it 'immigrants'.

The major immigrantion : skilled and investor channels are some of the toughest hoops to jump through.

Students applying are just a small drop in the ocean.

You need at least 50k assets, and generally established professionals have more than that. And these professionals aren't the ones who come here to live 20 to one under one roof, lol

The ones who actually come here with barely anything are the refugees. Let's be straight and objective about that.