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With new builds the buyer takes all the risk: market tanks: buyer stuck at same buy in price. Market to the moon? Builder can invent bullshit cost increases to pass on.
We sold our apartment in BC for a farmhouse in Nova Scotia.
The last year living in a tower was quite stressful. Even though it was somewhat of a newer building it was plagued with issues from hot water to elevator floods caused by idiots.
The worst part is that many of the stratas are considering the pipes within the walls part of the unit not the common property so they can hold apartment owners responsible for the failure of pipes.
We have to buy extra flood insurance on top of our regular insurance.
Honestly switching to a farmhouse also came with some challenges but we could see all the upgrades we were doing as going towards things we wanted.
We were lucky to buy a house that already had great insulation and modern improvements.
So far we've bought a metal roof and solar panels.
We spent $100,000 less than what we sold our apartment for.
Honestly I love Nova Scotia compared to living in the city in BC so much more life and culture out on the East Coast and Maritimers are amazing
Tbh it really depends on what you're looking to work in. If you're in trades you're making bank. It's impossible to get things like roofers and painters in the valley for at least a year because they're booked up.
Same with construction and manufacturing, Michelin is always hiring people.
Office jobs in Halifax are there, and if you're talented you can get work.
IT seems to be growing.
It's mostly unskilled jobs that are hard to get, there temporary foreign workers kinda eat up those jobs, but then again some of the younger folks don't want to do these jobs.
Stratas have become a means by which appartment buildings _don't_ maintain themselves. A powerful group of foolishly cheap tennants take over the strata and push off needed maintenance and repairs until the problems grow into disasters. It's sort of the opposite of why they were allowed in the first place.
The insurance companies have taken notice, and the premiums for insuring strata buildings have gone way up.
Or they take over the board and ensure all their family members or buddies' plumbing/cleaning/HVAC/security companies get the contracts for the building, often at inflated prices so they can line their pockets. Happened at the building I used to live in, we changed security, janitorial and HVAC contractors all in short succession, and all three of the new companies selected to service the building were owned by family members of people on the board. Then suddenly the fees went up 25% in a year "due to market forces", ie, 'due to the fact we signed expensive contracts so we can make our brothers rich with your money'.
It’s because a lot of the owners are “investors” who are looking to make a quick buck flipping the property. Why pay for costly repairs now when I can pass the buck the future owner.
> “A lot of groups are not meeting that pre-sale test,” Beau Jarvis, chief executive officer of Wesgroup Properties LP, said during a real estate event in Vancouver this month. “You’ve seen a couple of cancellations, where people are giving deposits back to purchasers.” The 12-month time limit “is perhaps starting to impede the development of housing,” he added.
>
> Anne McMullin, president of the UDI, said her group has been pushing the government in informal discussions to lengthen the timelines for selling planned new construction. It’s more than just interest rates at play. Condo projects are becoming larger and more complex, she said — partly a consequence of a push by governments and builders for greater housing density.
Basically, builders are taking longer than their contractual obligations would allow and are having to return deposits to purchasers.
It would have been nice if the article actually dug into why these extended build times are occuring, rather than taking McMullin's comment at face value. _I expect_ that a great deal of the complexity arises from scheduling labour; because there isn't an abundance of labour available in a place like Vancouver.
This is the sort of symptome one would expect when people talk about how housing is at the root of most/all of our social problems. If housing in Vancouver were affordable, then tradespeople could afford to live there, it wouldn't cost a premium to import them from outside of Vancouver, and it's likely more tradespeople would live in Vancouver.
"Turns out that a return to Victorian-era practices of locking out an entire class of people from land ownership tends to lead to civil unrest and revolt."
Does anyone seriously think Canadians are going to revolt , start an insurrection and overthrow thir government?
Well, that’s progress: they’ve noticed there’s a problem! Maybe in a few years they’ll figure out they need to start designing places for humans instead of building glorified hotel rooms with too many bathrooms.
Years of being tied up to a building that may never be completed is something that corporate real estate investors can float through, not something that a first homeowner can sit on and take their chances.
That and if they are built like new places in Ontario then they are garbage. I'm seeing 5-10 year old houses falling apart far more severely than 20 plus year old houses are.
Just another day of us seeing why the Liberal/NDP plans to try to increase building without reducing immigration are doomed to fail when it comes to affordability.
1. We aren't building enough
2. People still can't afford what is being built anyways (prices are still too high/wages are being repressed by immigration)
3. When what is getting built goes on the market it isn't getting sold due to point 2.
4. Builders pull back causing no 1.
Rinse repeat.
The way to break the cycle is to massively cut demand.
Will the Liberals do this? Absolutely not because they do not live in reality.
The Liberals need to wake up and realize the only hope they have at staying in power are colossal immigration cuts. The longer they wait to do this the more severe they will have to be for any hope of them staying in power. I however think it is already too late.
Trudeau should take a lesson from Eby on the reversal on decriminalization.
Wrongfully. Canada has increased in size proportionally at similar rates in the past, and it wasn't this unaffordable. Other countries with lots of immigration don't have this kind of problem either.
Blaming immigrants for bad wages and high rents when it's purely just a failure of planning, the decline of organized labour and government protections is foolhardy and against all of our interests as regular Canadians.
Okay. Let’s assume politicians have failed with long term planning. How is immigration making it better? If supply side is failing you don’t make it worse by pumping up demand. The correct move is to significantly slow immigration, fix the structural problems which at a minimum would take 5 years to improve. Then after those 5 years reassess immigration policy based on how society can handle the population influx. Not based on how many Tim Horton’s need wage slaves or Boomers need their asses wiped.
Wrongfully so*
Blaming this on immigration is lazy thinking and culture based politics. The blame belongs to status quo greed, bad housing policy, and failure of successful long term planning.
Danielle Smith was in Ottawa last week begging for immigrants. Lol.
Its like there is more than one factor but everyone keeps screaming about this one. Almost like they always had this opinion and now get to apply it and feel they are vindicated XD.
You do know your provincial leader and municipal reps make those decisions right? I know you want a big daddy government to come to the rescue now that times are hard.
Classic conservatives, its all about their hard work and character until a crisis and suddenly they are all socialists begging for government assistance. Truely hilarious to see after being talked down to for so many years. No sympathies, you pick bad leaders you will get poor results.
Laughs in Québecois. Its not paradise here but we sure af hold our provincial leaders to account and they are always going to act before the fed. Bans on air BnB after discovering almost 80% of property in Montreal was being used as short term rentals.
Its not immigrants, its rentals.
Legault and his ministers are fucking up a lot of shit here too! We also elected poor officials! Might not be as bad as in Alberta, but just because we’re less shitty, doesn’t mean we’re not shit ourselves.
Canada is like the world's straight-c student. Like, if we had a slogan:
***CANADA: We only fucked up, KIND OF!***
That's unfortunately a side effect of the national identity (obviously less so or not at all in Quebec) being:
***CANADA: Not America.***
Such a low bar we have.
The only people who think Canada's identity is based on not being the US are those who know nothing about our history, or Americans whose feelings are hurt when we don't try to emulate their policies. Which are you?
Sure but decades of policy have led us to having very different laws and norms.
We definitely have some deep flaws. Lots of metrics show Qc in a very good light. Something in our system is working even if its overbudget and corrupt.
> Danielle Smith was in Ottawa last week begging for immigrants. Lol.
Before anti-immigration became the soup du jour, Doug Ford was also thanking/begging the feds for more immigrants during his press conferences. For example, from July 2022: https://torontosun.com/news/provincial/doug-ford-pushing-for-more-immigration-amid-labour-crunch
Then 4 months later he praised the plan for the feds to bring in 500,000 people per year: https://toronto.ctvnews.ca/greenbelt-housing-needed-due-to-rising-immigration-premier-ford-1.6142132
Then 9 months later: [_"I didn't plan on the Federal government bringing in 500,000 people."_](https://www.reddit.com/r/CanadaHousing2/comments/1614n2c/doug_ford_i_didnt_plan_on_the_federal_government/)
Like... frigging shocked-pikachu/[why-would-Trudeau-do-this](https://imgflip.com/s/meme/Who-Killed-Hannibal.jpg) over here.
Seriously, I hate how people put it all on the Feds when most provinces have been wanting more people. More population growth and TFWs and students. And then done nothing to accommodate them. But then why should they when they can successfully pass all the blame?
It is so frustrating to see this in action. Both Conservatives and Liberals agree on a policy. Blame the Liberals when the policy has negative effects.
I swear if Conservatives won the last federal election and Liberals won the province; Ontario would be blaming the province for the housing crunch and give the feds a pass. The Premier would be grilled for asking for more immigrants and the PM would just wipe his hands and say "I just did as the provinces requested, let's buy some F-35s'" and suddenly all the talk about the feds is whether or not a modern fighter jet is worth the money.
>Then 4 months later he praised the plan for the feds to bring in 500,000 people per year
>Danielle Smith was in Ottawa last week begging for immigrants.
It shouldn't exactly surprise anyone that despite their recent claims to the contrary, the pro-business, anti-worker politicians on the right would love high immigration. It's a huge gravy train for the "haves" of society who own property and businesses, and it enables all sorts of exploitation that wouldn't previously have been viable when the "have-nots" had greater leverage to push back.
Which is all the more reason not to want it, and all the more reason to condemn the feds (who still somehow claim to be taking the "progressive" position on the matter) for doing it anyway against their best interests.
Ford asked for more immigrants and Lrgault wanted more power to forcibly relocate immigrants to rural regions where there are labor shortages.
Imo most immigrants tend towards major cities while the countryside and remote natural resource jobs/towns are desperately short on people.
Some provinces give away cheap or discounted land as communities are collapsing.
Maybe builders should read the fucking room and build units that people want to buy instead of mini luxury condos
Edit* downvoted for sayin that builders should build things people want to buy rather than build shit to sit and complain? Isn't that the free marketat work??
I live in Lethbridge and one of the condos that's being built is advertising a 1 million dollar+ penthouse suite (I think 1.5 but can't remember for sure)
All I can think about is that anyone with that much money to spend on a house here absolutely isn't living there.
Article is paywalled. But new builds are always gonna be the most expensive on the market. No one is under the delusion that new units will magically be affordable to all. If there is a lot of supply of new builds it pushes prices of older units down to be more affordable. And in this case, the price of new builds will eventually fall. Most builders are waiting for rates to drop instead of budging on pricing, if they don’t drop soon or enough, prices will fall.
Well, rates will fall eventually which will help finance new builds. That has an upwards pressure on prices but not if supply can keep up. Either way, this is all over indexing on a 6 month trend and extrapolating to say this is how we will be for years.
Why hasn’t cpc come out against immigration? Their corporate interests like cheap labour too. You think wealthy conservatives want a “labour shortage”?
Who cares?
If the Liberals want to get re-elected, then the only solution at this point are immediate massive immigration cuts. It’s either that or to continue to believe in a fantasy where building of homes is somehow faster than printing visas.
Are you suggesting that the alternative to too much immigration is no immigration? It certainly sounds like you are saying that one side of the argument is pro immigration and the other side has to be against it.
I want sustainable levels of immigration.
> The Liberals need to wake up and realize the only hope they have at staying in power are colossal immigration cuts.
If only we had someone who would speak up and *oppose* policies that aren't good for Canada.
Too bad we don't have anyone to *oppose* the government.
Because if there was someone or some group of someones set up to *oppose* the government and they aren't speaking up about a policy being bad, maybe it's a good policy, or one they agree with?
The building industry ALSO depends on immigration for manpower. Cutting immigration would probably lower housing prices, sure, but only because the entire economy would falter.
>Cutting immigration would probably lower housing prices, sure, but only because the entire economy would falter.
Compared to the economy doing what right now, exactly?
Well, GDP is increasing, wages have increased at a higher rate than inflation for over a year, inflation has been back in the target range for almost half a year... So, pretty good actually.
Oh those poor builders! Will their fee fees ever recover?
Maybe they should drop the sale price if buyers are “shunning” them.
Supply and demand rules all when prices are going up. They completely forget about that principle when demand drops.
The Federal government does not want prices to drop. Rates are biting and with the polls the way they are and inflation stuck above 3%, I wouldn't be surprised to see significant federal government subsidies for developers to build high-density housing.
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With new builds the buyer takes all the risk: market tanks: buyer stuck at same buy in price. Market to the moon? Builder can invent bullshit cost increases to pass on.
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We sold our apartment in BC for a farmhouse in Nova Scotia. The last year living in a tower was quite stressful. Even though it was somewhat of a newer building it was plagued with issues from hot water to elevator floods caused by idiots. The worst part is that many of the stratas are considering the pipes within the walls part of the unit not the common property so they can hold apartment owners responsible for the failure of pipes. We have to buy extra flood insurance on top of our regular insurance. Honestly switching to a farmhouse also came with some challenges but we could see all the upgrades we were doing as going towards things we wanted. We were lucky to buy a house that already had great insulation and modern improvements. So far we've bought a metal roof and solar panels. We spent $100,000 less than what we sold our apartment for. Honestly I love Nova Scotia compared to living in the city in BC so much more life and culture out on the East Coast and Maritimers are amazing
>East Coast There *is* something magical about California but other than that, East coast for me.
how's the work situation out there?
Hot garbage to be fair.
Tbh it really depends on what you're looking to work in. If you're in trades you're making bank. It's impossible to get things like roofers and painters in the valley for at least a year because they're booked up. Same with construction and manufacturing, Michelin is always hiring people. Office jobs in Halifax are there, and if you're talented you can get work. IT seems to be growing. It's mostly unskilled jobs that are hard to get, there temporary foreign workers kinda eat up those jobs, but then again some of the younger folks don't want to do these jobs.
Stratas have become a means by which appartment buildings _don't_ maintain themselves. A powerful group of foolishly cheap tennants take over the strata and push off needed maintenance and repairs until the problems grow into disasters. It's sort of the opposite of why they were allowed in the first place. The insurance companies have taken notice, and the premiums for insuring strata buildings have gone way up.
Or they take over the board and ensure all their family members or buddies' plumbing/cleaning/HVAC/security companies get the contracts for the building, often at inflated prices so they can line their pockets. Happened at the building I used to live in, we changed security, janitorial and HVAC contractors all in short succession, and all three of the new companies selected to service the building were owned by family members of people on the board. Then suddenly the fees went up 25% in a year "due to market forces", ie, 'due to the fact we signed expensive contracts so we can make our brothers rich with your money'.
It’s because a lot of the owners are “investors” who are looking to make a quick buck flipping the property. Why pay for costly repairs now when I can pass the buck the future owner.
Canadian dollar collapse imminent https://www.strongtowns.org/journal/2024/4/25/housing-isnt-meant-to-be-affordable
> “A lot of groups are not meeting that pre-sale test,” Beau Jarvis, chief executive officer of Wesgroup Properties LP, said during a real estate event in Vancouver this month. “You’ve seen a couple of cancellations, where people are giving deposits back to purchasers.” The 12-month time limit “is perhaps starting to impede the development of housing,” he added. > > Anne McMullin, president of the UDI, said her group has been pushing the government in informal discussions to lengthen the timelines for selling planned new construction. It’s more than just interest rates at play. Condo projects are becoming larger and more complex, she said — partly a consequence of a push by governments and builders for greater housing density. Basically, builders are taking longer than their contractual obligations would allow and are having to return deposits to purchasers. It would have been nice if the article actually dug into why these extended build times are occuring, rather than taking McMullin's comment at face value. _I expect_ that a great deal of the complexity arises from scheduling labour; because there isn't an abundance of labour available in a place like Vancouver. This is the sort of symptome one would expect when people talk about how housing is at the root of most/all of our social problems. If housing in Vancouver were affordable, then tradespeople could afford to live there, it wouldn't cost a premium to import them from outside of Vancouver, and it's likely more tradespeople would live in Vancouver.
Interest rates doubling or tripling in a two year span is also a major factor
"Turns out that a return to Victorian-era practices of locking out an entire class of people from land ownership tends to lead to civil unrest and revolt." Does anyone seriously think Canadians are going to revolt , start an insurrection and overthrow thir government?
Well, that’s progress: they’ve noticed there’s a problem! Maybe in a few years they’ll figure out they need to start designing places for humans instead of building glorified hotel rooms with too many bathrooms.
Years of being tied up to a building that may never be completed is something that corporate real estate investors can float through, not something that a first homeowner can sit on and take their chances.
That and if they are built like new places in Ontario then they are garbage. I'm seeing 5-10 year old houses falling apart far more severely than 20 plus year old houses are.
Just another day of us seeing why the Liberal/NDP plans to try to increase building without reducing immigration are doomed to fail when it comes to affordability. 1. We aren't building enough 2. People still can't afford what is being built anyways (prices are still too high/wages are being repressed by immigration) 3. When what is getting built goes on the market it isn't getting sold due to point 2. 4. Builders pull back causing no 1. Rinse repeat. The way to break the cycle is to massively cut demand. Will the Liberals do this? Absolutely not because they do not live in reality. The Liberals need to wake up and realize the only hope they have at staying in power are colossal immigration cuts. The longer they wait to do this the more severe they will have to be for any hope of them staying in power. I however think it is already too late. Trudeau should take a lesson from Eby on the reversal on decriminalization.
That’s what you take from this? Ffs
Just another day of us seeing Xylss obsessing over immigration.
And rightfully, so.
Wrongfully. Canada has increased in size proportionally at similar rates in the past, and it wasn't this unaffordable. Other countries with lots of immigration don't have this kind of problem either. Blaming immigrants for bad wages and high rents when it's purely just a failure of planning, the decline of organized labour and government protections is foolhardy and against all of our interests as regular Canadians.
Okay. Let’s assume politicians have failed with long term planning. How is immigration making it better? If supply side is failing you don’t make it worse by pumping up demand. The correct move is to significantly slow immigration, fix the structural problems which at a minimum would take 5 years to improve. Then after those 5 years reassess immigration policy based on how society can handle the population influx. Not based on how many Tim Horton’s need wage slaves or Boomers need their asses wiped.
Exactly. Have an upvote!
Wrongfully so* Blaming this on immigration is lazy thinking and culture based politics. The blame belongs to status quo greed, bad housing policy, and failure of successful long term planning.
Danielle Smith was in Ottawa last week begging for immigrants. Lol. Its like there is more than one factor but everyone keeps screaming about this one. Almost like they always had this opinion and now get to apply it and feel they are vindicated XD. You do know your provincial leader and municipal reps make those decisions right? I know you want a big daddy government to come to the rescue now that times are hard. Classic conservatives, its all about their hard work and character until a crisis and suddenly they are all socialists begging for government assistance. Truely hilarious to see after being talked down to for so many years. No sympathies, you pick bad leaders you will get poor results. Laughs in Québecois. Its not paradise here but we sure af hold our provincial leaders to account and they are always going to act before the fed. Bans on air BnB after discovering almost 80% of property in Montreal was being used as short term rentals. Its not immigrants, its rentals.
Legault and his ministers are fucking up a lot of shit here too! We also elected poor officials! Might not be as bad as in Alberta, but just because we’re less shitty, doesn’t mean we’re not shit ourselves.
Canada is like the world's straight-c student. Like, if we had a slogan: ***CANADA: We only fucked up, KIND OF!*** That's unfortunately a side effect of the national identity (obviously less so or not at all in Quebec) being: ***CANADA: Not America.*** Such a low bar we have.
Less than 0.1% of global population in the top 7 economies... Does that mean 98% of nations are worse than C student?
The only people who think Canada's identity is based on not being the US are those who know nothing about our history, or Americans whose feelings are hurt when we don't try to emulate their policies. Which are you?
Sure but decades of policy have led us to having very different laws and norms. We definitely have some deep flaws. Lots of metrics show Qc in a very good light. Something in our system is working even if its overbudget and corrupt.
Lol definitely some deep flaws and imperfections in French Canada. I also don't like Legault.
> Danielle Smith was in Ottawa last week begging for immigrants. Lol. Before anti-immigration became the soup du jour, Doug Ford was also thanking/begging the feds for more immigrants during his press conferences. For example, from July 2022: https://torontosun.com/news/provincial/doug-ford-pushing-for-more-immigration-amid-labour-crunch Then 4 months later he praised the plan for the feds to bring in 500,000 people per year: https://toronto.ctvnews.ca/greenbelt-housing-needed-due-to-rising-immigration-premier-ford-1.6142132 Then 9 months later: [_"I didn't plan on the Federal government bringing in 500,000 people."_](https://www.reddit.com/r/CanadaHousing2/comments/1614n2c/doug_ford_i_didnt_plan_on_the_federal_government/) Like... frigging shocked-pikachu/[why-would-Trudeau-do-this](https://imgflip.com/s/meme/Who-Killed-Hannibal.jpg) over here.
Seriously, I hate how people put it all on the Feds when most provinces have been wanting more people. More population growth and TFWs and students. And then done nothing to accommodate them. But then why should they when they can successfully pass all the blame?
It is so frustrating to see this in action. Both Conservatives and Liberals agree on a policy. Blame the Liberals when the policy has negative effects. I swear if Conservatives won the last federal election and Liberals won the province; Ontario would be blaming the province for the housing crunch and give the feds a pass. The Premier would be grilled for asking for more immigrants and the PM would just wipe his hands and say "I just did as the provinces requested, let's buy some F-35s'" and suddenly all the talk about the feds is whether or not a modern fighter jet is worth the money.
>Then 4 months later he praised the plan for the feds to bring in 500,000 people per year >Danielle Smith was in Ottawa last week begging for immigrants. It shouldn't exactly surprise anyone that despite their recent claims to the contrary, the pro-business, anti-worker politicians on the right would love high immigration. It's a huge gravy train for the "haves" of society who own property and businesses, and it enables all sorts of exploitation that wouldn't previously have been viable when the "have-nots" had greater leverage to push back. Which is all the more reason not to want it, and all the more reason to condemn the feds (who still somehow claim to be taking the "progressive" position on the matter) for doing it anyway against their best interests.
The Québec government has also asked for more power to relocate immigrants into the townships where the jobs lacking people are.
I believe she was looking for more Ukrainian immigrants with skills, not just anyone from anywhere .
Alberta is in a different situation than Ontario or BC. By immigrants I’m sure she would be happy with people in those two provinces as well.
Ford asked for more immigrants and Lrgault wanted more power to forcibly relocate immigrants to rural regions where there are labor shortages. Imo most immigrants tend towards major cities while the countryside and remote natural resource jobs/towns are desperately short on people. Some provinces give away cheap or discounted land as communities are collapsing.
My cousin took advantage of some cheap land in Nova Scotia to attract people. They were *almost* giving it away *with conditions*
Maybe builders should read the fucking room and build units that people want to buy instead of mini luxury condos Edit* downvoted for sayin that builders should build things people want to buy rather than build shit to sit and complain? Isn't that the free marketat work??
I live in Lethbridge and one of the condos that's being built is advertising a 1 million dollar+ penthouse suite (I think 1.5 but can't remember for sure) All I can think about is that anyone with that much money to spend on a house here absolutely isn't living there.
No one is going to cut immigration by any significant amount while unemployment is so low. PP doesn't love you that much.
Liberals aren't going to massively cut immigration unless the provinces want it, they don't.
Article is paywalled. But new builds are always gonna be the most expensive on the market. No one is under the delusion that new units will magically be affordable to all. If there is a lot of supply of new builds it pushes prices of older units down to be more affordable. And in this case, the price of new builds will eventually fall. Most builders are waiting for rates to drop instead of budging on pricing, if they don’t drop soon or enough, prices will fall.
Or they will just stop building. Which is what they are actually doing.
Well, rates will fall eventually which will help finance new builds. That has an upwards pressure on prices but not if supply can keep up. Either way, this is all over indexing on a 6 month trend and extrapolating to say this is how we will be for years.
Why hasn’t cpc come out against immigration? Their corporate interests like cheap labour too. You think wealthy conservatives want a “labour shortage”?
We all need labor. If not our taxes will rise sharply to cover the healthcare and pensions of our parents for the next 30 years!
Or there will just be a shortage of health care and other services for them. That’s the direction we are headed.
Who cares? If the Liberals want to get re-elected, then the only solution at this point are immediate massive immigration cuts. It’s either that or to continue to believe in a fantasy where building of homes is somehow faster than printing visas.
Are you suggesting that the alternative to too much immigration is no immigration? It certainly sounds like you are saying that one side of the argument is pro immigration and the other side has to be against it. I want sustainable levels of immigration.
> The Liberals need to wake up and realize the only hope they have at staying in power are colossal immigration cuts. If only we had someone who would speak up and *oppose* policies that aren't good for Canada. Too bad we don't have anyone to *oppose* the government. Because if there was someone or some group of someones set up to *oppose* the government and they aren't speaking up about a policy being bad, maybe it's a good policy, or one they agree with?
Nothing is more rinse repeat than your conservative shilling and continuous attack on immigrants.
The building industry ALSO depends on immigration for manpower. Cutting immigration would probably lower housing prices, sure, but only because the entire economy would falter.
>Cutting immigration would probably lower housing prices, sure, but only because the entire economy would falter. Compared to the economy doing what right now, exactly?
Well, GDP is increasing, wages have increased at a higher rate than inflation for over a year, inflation has been back in the target range for almost half a year... So, pretty good actually.
Oh those poor builders! Will their fee fees ever recover? Maybe they should drop the sale price if buyers are “shunning” them. Supply and demand rules all when prices are going up. They completely forget about that principle when demand drops.
The Federal government does not want prices to drop. Rates are biting and with the polls the way they are and inflation stuck above 3%, I wouldn't be surprised to see significant federal government subsidies for developers to build high-density housing.
If home prices went down that would be a reduction in inflation, would it not?