171
Canada likely sitting on the largest housing bubble of all time: Strategist - BNN Bloomberg
(www.bnnbloomberg.ca)
this post was submitted on 23 Aug 2023
171 points (95.2% liked)
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One hundred percent.
This isn't just some overvalued tulip in need of a correction. People need homes and can't afford to exit the housing market entirely. If people can't afford housing, that means they can't really afford anything. Expect the economy to have collapsed. Wages and employment will be down. Home ownership will decline.
Only those with capital to ride out a bumpy economy will be able to snatch up the cheap housing.
The solution to our housing crisis is not to tank the economy. The solution is to tackle the supply of housing, income inequality, and corporate equity in residential real estate.