by rapidly ramping up the pace of home construction risks pushing up construction costs in the near term and could lead to oversupply in the long run, experts said.
“The consequence, if we do try to increase it, is we will run into a whole bunch of issues in the supply chain – labor, land and materials – and will actually push house prices even higher,” Pomeroy said. “We simply have not had enough housing supply in Canada to reflect the dramatic increase in our population compared to our G7 partner countries,” Canada’s Housing Minister Ahmed Hussen said in an interview.
But critics of that assessment say Canada needs fewer homes overall because it has more people per household than the G7 average, due to young children and intergenerational living. And Canada’s ratio of homes to population is on par with the United States and the United Kingdom, which have not seen nearly the same price appreciation.
It will all be fine. Soon we won’t have a need to own a house. Who needs that much space anyway, a small apartment is enough for anyone. You own too much shit, time to downsize!
New immigrant and realized housing market has kicked me out into stratosphere already. I wasn't even in the application line, was just lurking around queue wondering what's up. Now, no matter how hard I try the Life-Math equation's LHS doesn't match RHS.. 🤣 Stocks and dream on!
No worry. Trudeau's government can't deliver anything more than words and handing out money. Anything that requires real action seldom gets accomplished.
Increasing interest rate up to 5% at least is the only solution to cool down the housing market. But sure not gonna happen coz thats one of the main product of banks to lend money.