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Today's housing crisis cuts across all parts of Canadian society.
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While the couple is being mocked mercilessly online, they merely set themselves up as symbols of gentrification by writing the piece and are only a small part of the problem. In fact, gentrification isn't the problem, either - just the unbridled kind.
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It's a shame. The sale of Snowdon Theatre represents a missed opportunity. We need social housing badly - the city knows that. Rather than considering the needs of the people of Côte-des-Neiges, the City of Montreal has chosen to sell the site to the highest bidder.
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Budget 2017 earmarked a whopping $11 billion for housing and homelessness. There's no doubt this will have a big impact. However, these funds must not only build affordable housing, they must align with poverty reduction strategies and mental health and recovery initiatives if we are to truly reduce long-term homelessness.
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When people's incomes are locked into making mortgage payments or rent, small businesses and local economies suffer. High mortgages mean little flexibility, and not much left over for other life purchases. The consequence: big chunks of cash flow to Bay Street instead of Main Street. There is no question that the province needs to take action now to combat speculation, increase supply and decrease demand.
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This is for the people that are rushing into the market, thinking you can always find someone to buy your flip, because "property prices always go up." For that crowd, let's take a look at how buying at the peak of Toronto's last real estate frenzy resulted in massive losses, and how long it took to recover.
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Instead of blaming foreign demand for prices that are rising because of government-imposed supply restrictions, the government should address how their own ideologically driven policies are contributing to the affordability crisis. But blaming others means the government doesn't need to change.
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According to various forecasts, Toronto is poised to be the hottest real estate market of 2017 -- and it's well on its way to scorching, if January numbers are any indication. According to the Toront...
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The most basic economic principle is, when there is a rise in demand, the invisible force of supply will kick in, and this is how economic growth is generated. For those who want to blame the housing crisis on immigrants, let's think about how our economy would look like if B.C. or Canada did not have the intake and growth brought by immigrants.
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The slump in new housing construction in the GTA, which is the worst observed in the past 15 years, can be addressed if one were to understand the fundamental axioms of urban economics. The land is a heterogeneous good whose fertility (profitability) varies widely over space. The provision of low productivity land in undesirable remote places does not qualify as land supply.
One of the biggest factors that determines whether people will stay healthy or wind up needing emergency or chronic medical care is where they live. People without access to stable housing are at higher risk of illness, and their likelihood of recovering well from that illness is greatly diminished.
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Women's homelessness is a significant, yet often hidden, crisis facing this country. Research shows that for every person who is absolutely homeless, there are at least three more who fall into the hidden homelessness category.
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The cost of hosting Will and Kate is three times the amount given to study foreign ownership by the federal government. Or 75 per cent of the projected revenue to come in from the Vancouver Vacant Home tax. Not exactly chump change to fly them around for a vacation.
Tax evaders are using homes to bring money from high-tax jurisdictions into Canada. Since they can't just move fat wads of cash without attracting scrutiny, they've come up with several techniques. Using soft assets that don't have fixed trade values (like homes) is one of the easiest ways to do it.