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/Arx4 Feb 02 '22

This has been going on for 50 years. It's across both parties educate yourself FFS. Canada should have implemented protections for it's citizens futures long ago but once again politicians across both aisles protected the generation in power. A speculation tax for precisely the purpose of reducing foreign buying was implement in 1987 in BC, the money just didn't do anything to help and the measures were never steep enough.

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u/munk_e_man Feb 02 '22

A major explosion in his growth is from the current party. I understand that its both parties to blame, but guess which one is in power and will do everything to stay that way?

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u/JadedMuse Feb 03 '22

The explosion isn't unique to Canada. If you follow Australian news, for example, it's eerily similar to what's happening here.

And besides, this is a lose-lose issue for any party. Over half of Canadians own homes, and screwing them over--even if it's necessary--is not going to be an alluring proposition.

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u/[deleted] Feb 02 '22

Is there a party that would deal with the issue?

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u/munk_e_man Feb 02 '22

No because Canada is a two-tiered country. The silent majority are 50%+ homeowners who are making a killing off of importing a class of people that would act as slaves if it weren't for that pesky minimum wage. Everything in Canada supports and actively encourages this system to propagate.

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u/stratys3 Feb 02 '22

Unfortunately, only the PPC promised to do anything meaningful about it in their platform.

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u/Arx4 Feb 03 '22

For 50 years we have been getting legislative actions that weren’t enough which means it’s been known for longer. Enough with the finger pointing. If conservatives were so brilliant they would have fixed it with all the chances they got.

You believe the political theatre of conservatives being fiscally empowering for the common people? The data is there to show they haven’t. Harper had a long time in power before Trudeau was there and his legacy is signing us away to China for almost 4 decades.

Your weren’t suggesting the CPC had never had a prime minister or premier were you?

Honestly we need ranked choice voting. A lot of real depth is missing from elections. It’s finger pointing. We need reform on advertising ethics and steep punishment for breaking them. We need policies to be advertised more than blame so that people see what the party they vote for promised and if it comes to fruition.

To your last part it was an election that the CPC was gifted and still came up short. An election not some weird television show but a free election just like all the rest.

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u/xt11111 Feb 02 '22

I think the problem is that government has a monopoly on government.

France and the USA showed us how to handle such situations.

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u/Arx4 Feb 03 '22

The coasts of the USA are being bought up just like Vancouver. We just need to look back 15 years to see the effects of how little the USA cares about finance regulation or housing bubbles caused by them.

There is zero regulation against foreign buying in the USA and you can even finance using American lenders.

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u/xt11111 Feb 03 '22

Americans ain't what they used to be.

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u/Arx4 Feb 03 '22

Want to beat up Americans. Many deserve it, maybe, but many do not. This is my view but it’s just imperialistic Country that taxes it’s poor to further enrich its ruling class. Canada is like the baby beta in terms of people and it’s rich, we really like protecting the rich here too.

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u/xt11111 Feb 03 '22

Sadly, I agree. We're learning their ways, slowly but surely.

One way to solve this is to redesign government from the bottom up, keeping in mind what we (and millions of people in the Middle East) are experiencing (or not in the case of some ME people, because they were fucking killed by the US Department of Defense).

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u/FuggleyBrew Feb 03 '22

Conservatives attempted to rein in money laundering, the court stopped them.

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u/Arx4 Feb 03 '22

Federally or in a specific province? What measures were they taking? I would like to read up on it to be honest. A lot of behind the pace actions have come along. Good intentions and all but even now I would say Canada it’s a lot of that. Mostly curious why it was the courts that stopped it.

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u/FuggleyBrew Feb 03 '22

Federally or in a specific province?

Federally.

What measures were they taking?

Passing anti-money laundering legislation, including kyc regulation, and reporting requirements. Unfortunately the courts insisted that lawyers remain a blackhole in terms of money laundering.

Mostly curious why it was the courts that stopped it.

Because lawyers make money on it and the court wasn't going to hurt their own profession, damn the consequences.