Vancouver is in a "full-blown crisis" for housing affordability: report

A new report from the Royal Bank of Canada is painting a bleak picture of just how unaffordable and unattainable buying a home in Vancouver is.
The report, which looks at housing trends across the country, found that it has never been as expensive to own a home anytime, anywhere in Canada as it was in Vancouver in the last quarter of 2023.
Global's Angela Jung reports.
For more info, please go to globalnews.ca/news/10401449/v...
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[@BDee3126]

Canada is also in a full-blown crisis. Not just Vancouver.

[@smokeymacpot76]

maybe bring in a bunch more immigrants

[@klnrklnr4433]

world

[@rogerrabbit8756]

​@klnrklnr4433 lots of countries are fine, it's not a phenomenon. Same problem, same irresponsible spending and deficts.

[@abcdedfg8340]

​@@smokeymacpot76I believe you mean cheap labor for employers and slumlords to exploit, in many, but not all cases. Just my opinion

[@smokeymacpot76]

@@abcdedfg8340 thats what happens when ya dont have work or housing for em and keep bringing them in anyways...it makes everything bad for us and everything bad for them as well..

[@zhubotang927]

It doesn’t make any sense. The local income levels are incredibly low. The housing prices have no correlation with local job market any more.

[@phdat]

some banks in Vancouver-bc like HSBC allow millions $ mortgage with 35% down and fake income/ oversea income (still can be faked).

[@frederickclause2694]

But the local municipalities have made it so much easier to get thing built. LOL

[@rogerrabbit8756]

Supply and demand, 500,000 a year immigrants. Half that in jokes built equalls a massive shortage, which equals high prices.

[@rogerrabbit8756]

It makes sense. you're just not seeing the problem. They don't want to go public with the cause.

[@seanothepop4638]

No manner of prices actually calls me and asks what I make or invest in, for census either. So we know and knew that theres no price communication between products and employment averages. I make a product, I won't call your work to see what you or your demographic make befor I price my product. I index Canadian census which is a huge lie, it fudges so many numbers that even if I don't know the truth, I know it's a lie. Canada is more poor, vapidly more poor, than it says, deliberately.

[@PowerSoilder]

Human greed has ruined Canada and Vancouver. You do everything they say work hard in high school work hard in university get a job that pays almost the same wage as 15 years ago and get taxed the same as the kid with generational wealth without rich parents YOU CANNOT GET OUT FROM THE BOTTOM.

[@sergiolandz6056]

yep i gave up on the rat race. I opted for a seasonal job working in the woods, get me winters off and live a quiet life, its a lot better than having all kinds of crap i dont need and be in debt all the time.

[@cortashaelam320]

The problem was you wasn't suppose to do everything "they" say. At some point you were supposed to take a different path.

[@ramalama9030]

Or you could vote differently? Just how dense does one have to be to not connect the dots??

[@PowerSoilder]

@@ramalama9030 the older generation doesn’t care about the youth. North America is screwed humans can’t agree on anything.

[@ramalama9030]

@@PowerSoilder ……not true at all, a media fabrication, the young become the old, every generation knows this, especially the boomers! We all need to take care of each other, there is no one else.

[@JA-mq9ti]

I love how Canadians are accepting this as the status quo…people this is pure exploitation

[@patrickquine3945]

Looks like everyone's pretty pissed off about it

[@HanakoFairhall]

I agree with you, sometimes I felt I was the only one who was pissed off about this.

[@shinzilla4847]

Theres a certain class that has much more power than you or I. They dont listen to reason, their language is money

[@piku5637]

This is just how capitalism works.

[@SomeNerd361]

We're having to accept this as the status quo because it feels like those with the ability to change it are not making meaningful changes to improve the situation. Regardless of political leaning.

[@palestinelucas]

Canada should change its anthem its not a land of free any more its a land of homeless Canadians

[@Optimistprime.]

But isn't that actual freedom?

[@TRex-dd4ze]

@@Optimistprime. No

[@benrichardson2872]

Totally…. Instead of “our home and native land”, we can sing “our homeless laden land”. 😂.

[@shauncameron8390]

@@TRex-dd4ze Yes. At least you're not at the mercy of the landlord or the bank.

[@sergiolandz6056]

Land of the fenty

[@fersuvious]

Canada’s a silly place, run by silly people.

[@mariallopis8014]

Literally! And I still don't know why people wants to live here

[@ironhell813]

Some people haven’t got a choice, they’re called native born. Immigrants hold all the cards here including multiple citizenship.

[@archie_bunker]

Exactly

[@sergiolandz6056]

100% its a real circus here now. Never ever thought in my life that this small town i live in would turn into a mini montreal... I dont recognize this place anymore.

[@archie_bunker]

@@sergiolandz6056 areed sergio, Canada sure went down the tubes in the last 25yrs

[@BergJager1]

Lower mainland has been sold to foreign investors and wealthy immigrants with 2 or 3 properties. BC and the federal governments have sold out Canadian born citizens for cash. I proudly served this country for 12 years. I get a very meek veterans pay for the injuries to my body while sacrificing myself for what I thought was my country. At the 55 I’m now fully aware that my sacrifice was for the elite of this country who were more than happy to sell me out for wealthy foreigners. I’m done. I’ll be taking my meagre vet pay to another country where I can afford to live out the rest of my days! Take your maple leaf and shove it!!!

[@watcher63034]

@@PabloEder Yeah, Canadian immigrants who came with money. There are almost no jobs that will allow a person to own a home in Vancouver, so the people were born here or work here, just pay the mortgage for outsiders who move here to make money on housing.

[@bigheart270]

Thank you for your service

[@BergJager1]

@@PabloEder you clearly can’t read! But yes you have a point rich boy! I will be bringing all my millions to another country. Which country have you served Pablo???

[@BergJager1]

@@PabloEder Wring again Pablo. Where were you born?

[@garyfrancis6193]

Wait! That’s not how you make maple syrup.

[@robbarber7253]

Its beyond "housing affordability" at this point its everything gas, groceries, clothes etc

[@GeosRealityReport]

Survival

[@sergiolandz6056]

I dont even know how restaurants stay open at this point, must be a lot of rich people keeping them afloat and the lazy drowning in debt.

[@JBB1636]

That’s what happens when homes are sold to people not living in Canada. Good job realtors for jacking the price of homes high.

[@mazedar_tv]

rich are getting richer, poor turning homeless n begger

[@jacobrocks7]

You ckearjy don’t look at the stats and simply blame the foreigners lol

[@eekthecat9933]

Trudeau let too many people in at once , it would be nice to accept anyone who wants to come live in canada. But in reality our systems and infrastructure can barely handle what's here .

[@DW-op7ly]

We borrowed and spent living the good life/high standard of living That is what you folks don’t get… we are broke…. Canadians who can’t pay our debts sitting on 2 trillion in Provincial/Federal debt these days Debt we really started running up in the 1940s. Sow dem gud ole dais ye pine fer? we didn’t pay for the first time around Which we just kicked this debt down the road for future generations to pay for Problem is, we stopped meeting “natural” population replacement rates in 1971 And we have around 1000 boomers turning 65 each and everyday in Canada (That started in 2011 won’t end until 2028) By 2036 we will have around 11 million Canadian seniors As by 2032 immigration will make up 100% of our population growth So we pack in the immigrants the poor ones to make our french fries and more importantly flip us over in bed in the old age home The rich ones to come support the economy and prop up the real estate Because most of these boomers are also personally cash poor/in debt But luckily….most of these boomers???? Shockingly by some engineered miracle the last few decades 😉!!!!! own a 40 year old plus never been renovated, overpriced home some immigrant is willing to overpay for. Which these boomers can get lines of credit on or reverse mortgage on Or sell if they have to Which they should not .. … as that home will be one their own personal old age home in the future unless you can show me some links… on our building/buying enough facilities to house millions of Canadian seniors in the next decade Yes it’s one big Ponzi scheme that scr (ew) over the younger folks but we don’t want to crash our Ponzi Scheme of economy. (I have purposely gone to live in countries and among the locals living on a dollar a day wages in comparison to our dollar. You think your life su…cks these days) Try having 50k of someone else’s currency worth 2 million of our Canadian dollars Or have what kids you and I did actually have… Having to sell their wares to Russian sailors for a 500 CDN dollar loaf of bread or trying to sail a boat to some distant country for a better life Or grandmami/grandpapi begging on the street because that nest egg home they have they can’t sell off or afford to live in So the people at the bottom of our society lose out…. or we all do Don’t like packing in these immigrants/people as the solution? Let’s hear you folks say “I demand to pay more taxes” and “I demand less social services in return” Or let’s sell 25 year 50 year forward contracts on our natural resources some foreign corporation or Country can come into mine. Using our young as cheap labour Or let’s be known as the deadbeat generation who had to resort to selling off pieces of Canada Plus since we stopped replacing ourselves. It will be more and more likely the great great great grandkids of these new immigrants stuck paying off the debts we run up long after we are gone… As we stick them with the bill But since we have been sel fish our whole lives living that good life let’s “now” complain about the solutions after decades and decades of this Our being broke… azzz Canadians who couldn’t replace ourselves

[@DrewDiePie]

clearly YOU don't know the stats @@jacobrocks7

[@downhillupside]

Maybe stop allowing investors to buy up half of every condo building in the Vancouver region? We need to remove speculators or this is never going to get better.

[@coolioso808]

Are you against market capitalism, then? Because capitalism is the freedom to restrict the freedom of others by those who have more capital to expand their market share. Housing market is a lucrative one. Do you really not want super rich property owners to exist? How can they pay for their 3rd mansion and yacht?

[@conorcahill5422]

​@@coolioso808The millionaires that come over from other countries are a MASSIVE contribution to this. They need to be stopped. Period.

[@lynb1022]

@@coolioso808Yes, yes, yes, yes, and they won't be able to, after the reckoning. I say lock them in their vaults with their spoils and see how well they survive without their serfs to cater to their every need.

[@coolioso808]

@@lynb1022 Yes, it would be pretty satisfying to see the super rich exist without servants and personal assistants as if they are royalty above the common folk. Quite seriously, well documented, in fact, inequality is the most devastating blight on society. It is the most violent assault on human beings to be in a capitalist society that generates increasing inequality. To change, we need to build something better from the community level up. I suggest One Small Town Contributionism. It is something. It is free and voluntary, it is based on cooperation, collaboration and co-ownership. If not that, what else?

[@lynb1022]

@@coolioso808I don't know what "One Small Town Contributionism" is, but there are Land Value Taxes and a dozen other tax, mortgage-reform, and other constitutional legislative measures that could solve this problem, but only if there is political will. Probably not before we vote out the approx. 40% of MPs who are land-hoarding "investors" themselves.

[@fersuvious]

The way these newscasters talk about a literal crisis is nauseating. “Mmmyyyeeeessssss….it’s a tough pill to swallow indeeeeeed”

[@aavvcc]

I’m not a fan of this reporter. She comes off as dismissive.

[@rmacdonify]

The Thomson family who pay her wage would think her demeanor normal. Elites talk like this.

[@ironhell813]

All Canadian media is dismissing this and it’s been a crisis for over a decade with no change

[@archie_bunker]

Common sense comment. Love it

[@rausaen]

In other news, water is wet.

[@michellez7245]

😂😂😂

[@oliver-ci2ke]

no kidding man!

[@e75short14]

This news is new 😂

[@johnboko7110]

And Trudeau is still our crime minister.

[@ethimself5064]

🤣🤣🤣In near tears now

[@Aucadian]

A Canadian who moved to Australia almost 20 years ago. Australia is in the exact same situation, identical. Why have our commonwealth countries all followed the same policies that have lead their own citizens to ruin?

[@graycat117]

Vancouver is a real estate holding region for rich Chinese citizens 😂

[@BH-vz7zl]

where is your data coming from? 🤔

[@graycat117]

@@BH-vz7zl National Bank of Canada noted back in 2015/2016 that over a third of all real estate purchases in Vancouver were from Chinese immigrants. Based on my own observations, I’m guessing that’s stayed the same or increased since.

[@TB-zf7we]

Gordon Campbell came up with the plan to sell our best real estate in BC to Asia's wealthy. When it was pointed out that it would raise the cost of living for average Canadians, his reply was they need to get out of the way...from him & his developer friends from making huge cake. Then Christy Clark came along and said hold my beer, and off we went to the demise of a once great city & country. Those were the BC Liberal party.

[@DW-op7ly]

We borrowed and spent living the good life/high standard of living That is what you folks don’t get… we are broke…. Canadians who can’t pay our debts sitting on 2 trillion in Provincial/Federal debt these days Debt we really started running up in the 1940s. Sow dem gud ole dais ye pine fer? we didn’t pay for the first time around Which we just kicked this debt down the road for future generations to pay for Problem is, we stopped meeting “natural” population replacement rates in 1971 And we have around 1000 boomers turning 65 each and everyday in Canada (That started in 2011 won’t end until 2028) By 2036 we will have around 11 million Canadian seniors As by 2032 immigration will make up 100% of our population growth So we pack in the immigrants the poor ones to make our french fries and more importantly flip us over in bed in the old age home The rich ones to come support the economy and prop up the real estate Because most of these boomers are also personally cash poor/in debt But luckily….most of these boomers???? Shockingly by some engineered miracle the last few decades 😉!!!!! own a 40 year old plus never been renovated, overpriced home some immigrant is willing to overpay for. Which these boomers can get lines of credit on or reverse mortgage on Or sell if they have to Which they should not .. … as that home will be one their own personal old age home in the future unless you can show me some links… on our building/buying enough facilities to house millions of Canadian seniors in the next decade Yes it’s one big Ponzi scheme that scr (ew) over the younger folks but we don’t want to crash our Ponzi Scheme of economy. (I have purposely gone to live in countries and among the locals living on a dollar a day wages in comparison to our dollar. You think your life su…cks these days) Try having 50k of someone else’s currency worth 2 million of our Canadian dollars Or have what kids you and I did actually have… Having to sell their wares to Russian sailors for a 500 CDN dollar loaf of bread or trying to sail a boat to some distant country for a better life Or grandmami/grandpapi begging on the street because that nest egg home they have they can’t sell off or afford to live in So the people at the bottom of our society lose out…. or we all do Don’t like packing in these immigrants/people as the solution? Let’s hear you folks say “I demand to pay more taxes” and “I demand less social services in return” Or let’s sell 25 year 50 year forward contracts on our natural resources some foreign corporation or Country can come into mine. Using our young as cheap labour Or let’s be known as the deadbeat generation who had to resort to selling off pieces of Canada Plus since we stopped replacing ourselves. It will be more and more likely the great great great grandkids of these new immigrants stuck paying off the debts we run up long after we are gone… As we stick them with the bill But since we have been sel fish our whole lives living that good life let’s “now” complain about the solutions after decades and decades of this Our being broke… azzz Canadians who couldn’t replace ourselves

[@DW-op7ly]

The Rich Chinese??? They are not even 1 generation removed From 88% of their population being knee deep in the mud of their family rice plot Or making a dollar a day on a factory floor in the 1980s Yet here folks are complaining we can’t compete as they buy up our homes Where the average Canadian made about 22 times more than what an average Chinese worker made It’s embarrassing that Canadians are crying about this Might as well prepare the kids and grandkids to serve their new elites

[@zephryus]

Investors and immigration.

[@leoncardinal2035]

absolutely!!

[@DW-op7ly]

We borrowed and spent living the good life/high standard of living That is what you folks don’t get… we are broke…. Canadians who can’t pay our debts sitting on 2 trillion in Provincial/Federal debt these days Debt we really started running up in the 1940s. Sow dem gud ole dais ye pine fer? we didn’t pay for the first time around Which we just kicked this debt down the road for future generations to pay for Problem is, we stopped meeting “natural” population replacement rates in 1971 And we have around 1000 boomers turning 65 each and everyday in Canada (That started in 2011 won’t end until 2028) By 2036 we will have around 11 million Canadian seniors As by 2032 immigration will make up 100% of our population growth So we pack in the immigrants the poor ones to make our french fries and more importantly flip us over in bed in the old age home The rich ones to come support the economy and prop up the real estate Because most of these boomers are also personally cash poor/in debt But luckily….most of these boomers???? Shockingly by some engineered miracle the last few decades 😉!!!!! own a 40 year old plus never been renovated, overpriced home some immigrant is willing to overpay for. Which these boomers can get lines of credit on or reverse mortgage on Or sell if they have to Which they should not .. … as that home will be one their own personal old age home in the future unless you can show me some links… on our building/buying enough facilities to house millions of Canadian seniors in the next decade Yes it’s one big Ponzi scheme that scr (ew) over the younger folks but we don’t want to crash our Ponzi Scheme of economy. (I have purposely gone to live in countries and among the locals living on a dollar a day wages in comparison to our dollar. You think your life su…cks these days) Try having 50k of someone else’s currency worth 2 million of our Canadian dollars Or have what kids you and I did actually have… Having to sell their wares to Russian sailors for a 500 CDN dollar loaf of bread or trying to sail a boat to some distant country for a better life Or grandmami/grandpapi begging on the street because that nest egg home they have they can’t sell off or afford to live in So the people at the bottom of our society lose out…. or we all do Don’t like packing in these immigrants/people as the solution? Let’s hear you folks say “I demand to pay more taxes” and “I demand less social services in return” Or let’s sell 25 year 50 year forward contracts on our natural resources some foreign corporation or Country can come into mine. Using our young as cheap labour Or let’s be known as the deadbeat generation who had to resort to selling off pieces of Canada Plus since we stopped replacing ourselves. It will be more and more likely the great great great grandkids of these new immigrants stuck paying off the debts we run up long after we are gone… As we stick them with the bill But since we have been sel fish our whole lives living that good life let’s “now” complain about the solutions after decades and decades of this Our being broke… azzz Canadians who couldn’t replace ourselves

[@thedownunderverse]

Chinese

[@DW-op7ly]

@@thedownunderverse We borrowed and spent living the good life/high standard of living That is what you folks don’t get… we are broke…. Canadians who can’t pay our debts sitting on 2 trillion in Provincial/Federal debt these days Debt we really started running up in the 1940s. Sow dem gud ole dais ye pine fer? we didn’t pay for the first time around Which we just kicked this debt down the road for future generations to pay for Problem is, we stopped meeting “natural” population replacement rates in 1971 And we have around 1000 boomers turning 65 each and everyday in Canada (That started in 2011 won’t end until 2028) By 2036 we will have around 11 million Canadian seniors As by 2032 immigration will make up 100% of our population growth So we pack in the immigrants the poor ones to make our french fries and more importantly flip us over in bed in the old age home The rich ones to come support the economy and prop up the real estate Because most of these boomers are also personally cash poor/in debt But luckily….most of these boomers???? Shockingly by some engineered miracle the last few decades 😉!!!!! own a 40 year old plus never been renovated, overpriced home some immigrant is willing to overpay for. Which these boomers can get lines of credit on or reverse mortgage on Or sell if they have to Which they should not .. … as that home will be one their own personal old age home in the future unless you can show me some links… on our building/buying enough facilities to house millions of Canadian seniors in the next decade Yes it’s one big Ponzi scheme that scr (ew) over the younger folks but we don’t want to crash our Ponzi Scheme of economy. (I have purposely gone to live in countries and among the locals living on a dollar a day wages in comparison to our dollar. You think your life su…cks these days) Try having 50k of someone else’s currency worth 2 million of our Canadian dollars Or have what kids you and I did actually have… Having to sell their wares to Russian sailors for a 500 CDN dollar loaf of bread or trying to sail a boat to some distant country for a better life Or grandmami/grandpapi begging on the street because that nest egg home they have they can’t sell off or afford to live in So the people at the bottom of our society lose out…. or we all do Don’t like packing in these immigrants/people as the solution? Let’s hear you folks say “I demand to pay more taxes” and “I demand less social services in return” Or let’s sell 25 year 50 year forward contracts on our natural resources some foreign corporation or Country can come into mine. Using our young as cheap labour Or let’s be known as the deadbeat generation who had to resort to selling off pieces of Canada Plus since we stopped replacing ourselves. It will be more and more likely the great great great grandkids of these new immigrants stuck paying off the debts we run up long after we are gone… As we stick them with the bill But since we have been sel fish our whole lives living that good life let’s “now” complain about the solutions after decades and decades of this Our being broke… azzz Canadians who couldn’t replace ourselves

[@OneTrueKing23]

Government permits for buildings in BC cost hundreds of thousands of dollars. Surely that has something to do with it also???

[@Mystic_Light]

Yes, and that's why they keep building homes that only foreigners can afford. I doubt any minister understands how tough it really is for people. You've got to have money to become a politician at any level, much more money than the average vancouver worker.

[@moldenm5239]

you have to have connections such as social, personal, professional and business in order to use the connections and raised donation money.

[@L110508]

ACtually there are not many foreign buyers, unless you consider Canadians that don't look like you as foreigners.

[@TT-fq7pl]

@@L110508 It's not about race; it's about class. Whether the speculators in real estate look like me or not, the speculation is still disgusting.

[@udig]

putting up new highrises everywhere isnt going to fix anything if they are 70% empty. at this point we need to ban foreign buying

[@SoiMiruku]

There’s already a two year foreign buyers ban law in place.

[@L110508]

Actually there are not much foreign buyers, unless you consider Canadians that don't look like you as foreigners.

[@crappyslippers6917]

Highrises are not 70% empty... Vancouver has a very very low empty home rate... Just too many investors. Simple as that

[@TT-fq7pl]

@@crappyslippers6917 I recently stayed in Vancouver. In the west end, near English Bay. The twenty-storey highrise beside my hotel had maybe two occupied apartments. It was creepy, disturbing, weird. Made me wonder who owns it, why it's empty, and who are the people living in those two apartments?

[@udig]

@@TT-fq7pl thats literally every new highrise. all bought up by chinese who dont even live in the country

[@SaHlGood]

That one bedroom for $600G it’s a shoebox

[@vancouverbluesea]

What the housing minister is actually saying is "I don't know what to do". What a mess.

[@lifeovdeath]

If you don’t own a home already and aren’t making 200k+ a year, it’s time to move.

[@KS-qy5lt]

I qualify, even yet I am still in process of moving to the States - cheaper housing, income becomes 400k with conversion and higher pay. No brainer choice.

[@TT-fq7pl]

@@KS-qy5lt You definitely sound like a no brainer.

[@gcc8584]

@TT-fq7pl Tough cope for you for sure.

[@archie_bunker]

Well said

[@rohanutep81]

200 plus jobs in Canada you must be joking😂😂😂 even if you get you will be exploited by your employer based on your gross income and taxes from the government 😂😂😂

[@anthonystevens-gm6uh]

We’ve known this for years and they are finally recognizing it?

[@mariallopis8014]

After the European crisis I could see the same problems when I moved here in 2016, and people laughed at me, the Canadian government thinks it will always be foreign income interested in their real estate, but if not?.....

[@tpop3723]

44 years too late.

[@martyfoebell3]

Yup

[@TheDoomWizard]

It's like this everywhere

[@travispolson6156]

FJT and the NDP .

[@rustyhauler6477]

If I buy a house for $900k I'm not selling it for $800k. Prices will stay high and go higher

[@jonovision1759]

Maybe you won't but some people won't have a choice

[@esparda07]

Until you can't afford food.

[@lynb1022]

All bubbles will burst. Collapse is inevitable.

[@nottheone582]

property in vancouver is not going to depreciate - there's a finite amount of it and more buyers than sellers. simple economics.

[@lynb1022]

@@nottheone582an eventual ban on speculation, perma-ban on foreign buyers, changing mortgage rules and/or closing the tax loopholes/write-offs to disincentivize land-hoarding and land-banking will solve that. Faux "investors" can find something else to park their money in.

[@paakak]

Canada , The frozen cold Rainy Snowy land that people saw as tolerable due to affordability...And then They started to overprice, over tax ,and destroy the dream ....Gonna be a empty waste land soon , people are leaving .

[@Basementcheese]

Why do you have like 15 anti-Canada comments

[@captiandarwin]

All's I can see is unaffordable housing going up everywhere And they would just sit there emty. For a very long time.

[@owenorourke2527]

Yep !! There's lots of building happening & 90% of them are HIGH rent. The 'affordable" housing is $1800 + for a 1bdrm so kinda defeats the purpose. As you say a lot of it will sit empty. The only reason homes are being sold at all is because multiple families are pooling together under one roof & split mortgage.

[@lookanabeauti9386]

Everything is getting worse and worse every year.

[@klnrklnr4433]

for some

[@gxz1981]

Government sure appreciate the property tax and keep appraising the house higher and higher year over year.

[@ethimself5064]

In reality the property taxes in Vancouver and Toronto based on assessments are among the least expensive in N. America. They compensate for this by charging very high development fees and permitting. In the city of Vancouver these fees for a house is 1 million even before the permitting fees,

[@ethimself5064]

@@patrickquine3945 Property tax is dished out by Municipalities not the provincial government

[@gxz1981]

@@patrickquine3945 in fact, the property tax is collected by the municipal, only very little portion of it goes to provincial such as school and policing

[@ethimself5064]

@@patrickquine3945 Then why in the past have we all been able to pay it at city hall?

[@user-di4ke8zo9b]

Who knows where the money goes from property taxes now adays so many loopholes . Yeah can pay online too

[@theslimeylimey]

Well, in 2023 Canada's population increased 1,271,872 according federal stats. As Canadians don't have enough kids to maintain the population, it is safe to assume that growth is almost entirely from immigration green lighted by Trudeau's government. These new arrivals need homes too don't they? What homes? I am not against immigration, I am an immigrant myself, but that does not mean any and all immigration is good for Canada all the time. Trudeau is so out of touch with the consequences of his policies it's mind boggling. This is high school math for Pete's sake.

[@linebrunelle1004]

no. it's immigrants being led to believe there are only a few cities to move to.

[@DW-op7ly]

We borrowed and spent living the good life/high standard of living That is what you folks don’t get… we are broke…. Canadians who can’t pay our debts sitting on 2 trillion in Provincial/Federal debt these days Debt we really started running up in the 1940s. Sow dem gud ole dais ye pine fer? we didn’t pay for the first time around Which we just kicked this debt down the road for future generations to pay for Problem is, we stopped meeting “natural” population replacement rates in 1971 And we have around 1000 boomers turning 65 each and everyday in Canada (That started in 2011 won’t end until 2028) By 2036 we will have around 11 million Canadian seniors As by 2032 immigration will make up 100% of our population growth So we pack in the immigrants the poor ones to make our french fries and more importantly flip us over in bed in the old age home The rich ones to come support the economy and prop up the real estate Because most of these boomers are also personally cash poor/in debt But luckily….most of these boomers???? Shockingly by some engineered miracle the last few decades 😉!!!!! own a 40 year old plus never been renovated, overpriced home some immigrant is willing to overpay for. Which these boomers can get lines of credit on or reverse mortgage on Or sell if they have to Which they should not .. … as that home will be one their own personal old age home in the future unless you can show me some links… on our building/buying enough facilities to house millions of Canadian seniors in the next decade Yes it’s one big Ponzi scheme that scr (ew) over the younger folks but we don’t want to crash our Ponzi Scheme of economy. (I have purposely gone to live in countries and among the locals living on a dollar a day wages in comparison to our dollar. You think your life su…cks these days) Try having 50k of someone else’s currency worth 2 million of our Canadian dollars Or have what kids you and I did actually have… Having to sell their wares to Russian sailors for a 500 CDN dollar loaf of bread or trying to sail a boat to some distant country for a better life Or grandmami/grandpapi begging on the street because that nest egg home they have they can’t sell off or afford to live in So the people at the bottom of our society lose out…. or we all do Don’t like packing in these immigrants/people as the solution? Let’s hear you folks say “I demand to pay more taxes” and “I demand less social services in return” Or let’s sell 25 year 50 year forward contracts on our natural resources some foreign corporation or Country can come into mine. Using our young as cheap labour Or let’s be known as the deadbeat generation who had to resort to selling off pieces of Canada Plus since we stopped replacing ourselves. It will be more and more likely the great great great grandkids of these new immigrants stuck paying off the debts we run up long after we are gone… As we stick them with the bill But since we have been sel fish our whole lives living that good life let’s “now” complain about the solutions after decades and decades of this Our being broke… azzz Canadians who couldn’t replace ourselves

[@coolioso808]

You know what is missing from high school math, though? The structural analysis of capitalism. If that were done, people would realize that capitalism is private ownership of the means of production for profit and the incentives are to maximize profit, compete for self-interest and infinitely grow. Now, doesn't take a rocket scientist to realize it is unsustainable to have infinite growth of business and profits on a planet with finite resources. And that the profits mainly go to the upper 1% and leaves billions struggling to meet their daily needs, even though there is more than enough resources and technology to go around and meet people's needs. Enough for everybody's need, but not enough for capitalism's greed. How about a new system? One that places people first over profits. Where we cooperatively share the wealth we create in efficiency? Where food, water, shelter, healthcare, education, and more become so affordable, they become "Zero Marginal Cost" as Jeremy Rifkin puts it, or free. This doesn't mean people are lazy, it means everybody's skills are valued in a new system that isn't based on exploitation and oppression like capitalism is. A new system to build could be called Ubuntu Contributionism, well explained by Michael Tellinger on his channel and the One Small Town site.

[@shauncameron8390]

@@coolioso808 LOL. Only to end up falling apart once the resources dry up and some slack off becoming a burden and threat.

[@Fenthule]

He needs the immigration for the pension or that collapses, but there wasn't the housing built to support this hairbrained scheme. The entire thing is a sh!tshow. Not just the liberals either, the conservatives have also done a ton to also get us where we are.

[@Heartadia]

builders, realtors, construction companies, politicians and last but not least - financial investment institutions - are all in on this entire racket.

[@wormwooddream]

It's called corruption, it's by design rules by greed. I agree with you 💯

[@bobwoods1302]

The market decides the price. The only thing that will drive prices down is more supply and for that we need workers and trades people.

[@lookanabeauti9386]

Supply won't bring house prices down it merely is an excuse they want you to believe. Building more means more property tax for the government. Manage investors and immigration first.

[@bobwoods1302]

What's wrong with more property tax for the government? That's how stuff is paid for. @@lookanabeauti9386

[@Tonyscasa]

@@bobwoods1302we have lots of those . Tons of those . Every site is filled to the max with workers . We just need the old council Members to move aside and allow those building permits to go through

[@hectorpina4304]

Man how are people alive in bc.. thats outrageous

[@archie_bunker]

They all live in a fantasy

[@HilarityBribo]

Trudeau's canada is in meltdown.

[@jamesstuart3346]

LOL you think Conservatives will control the economy? 😅

[@oledudiest]

​@@jamesstuart3346at least historically conservatives haven't been financially illiterate.

[@Nathan-lt6bw]

@@jamesstuart3346 Yes

[@gosg21111]

I agree Trudeau has done nothing.Please do some research on which governments in the last 30 years allowed foreign investment to dictate our economy. They're all to blame.Sold out to the highest bidders.

[@Aquamarine_1987]

@@jamesstuart3346absolutely ! Anything other than the Liberals at this point

[@limolnar]

The solution is to cut all commercial and single-family development permits by 75%. That will put the focus back on multi-family and affordable housing. We need 100,000 units PER YEAR built in each of Toronto, Montreal, and Vancouver. This 2500 affordable housing units per year isn't going to cut it.

[@KayJay940]

Ah yes. Lets make some ghettos. If only that had been tried before. But I am sure it will work this time because youre so full of good intentions. 👍

[@shauncameron8390]

Just what Canada needs. To become an oversized Regent Park.

[@speroskoufis7505]

Yeah it's called the Vancouver model of money laundering

[@DW-op7ly]

We borrowed and spent living the good life/high standard of living That is what you folks don’t get… we are broke…. Canadians who can’t pay our debts sitting on 2 trillion in Provincial/Federal debt these days Debt we really started running up in the 1940s. Sow dem gud ole dais ye pine fer? we didn’t pay for the first time around Which we just kicked this debt down the road for future generations to pay for Problem is, we stopped meeting “natural” population replacement rates in 1971 And we have around 1000 boomers turning 65 each and everyday in Canada (That started in 2011 won’t end until 2028) By 2036 we will have around 11 million Canadian seniors As by 2032 immigration will make up 100% of our population growth So we pack in the immigrants the poor ones to make our french fries and more importantly flip us over in bed in the old age home The rich ones to come support the economy and prop up the real estate Because most of these boomers are also personally cash poor/in debt But luckily….most of these boomers???? Shockingly by some engineered miracle the last few decades 😉!!!!! own a 40 year old plus never been renovated, overpriced home some immigrant is willing to overpay for. Which these boomers can get lines of credit on or reverse mortgage on Or sell if they have to Which they should not .. … as that home will be one their own personal old age home in the future unless you can show me some links… on our building/buying enough facilities to house millions of Canadian seniors in the next decade Yes it’s one big Ponzi scheme that scr (ew) over the younger folks but we don’t want to crash our Ponzi Scheme of economy. (I have purposely gone to live in countries and among the locals living on a dollar a day wages in comparison to our dollar. You think your life su…cks these days) Try having 50k of someone else’s currency worth 2 million of our Canadian dollars Or have what kids you and I did actually have… Having to sell their wares to Russian sailors for a 500 CDN dollar loaf of bread or trying to sail a boat to some distant country for a better life Or grandmami/grandpapi begging on the street because that nest egg home they have they can’t sell off or afford to live in So the people at the bottom of our society lose out…. or we all do Don’t like packing in these immigrants/people as the solution? Let’s hear you folks say “I demand to pay more taxes” and “I demand less social services in return” Or let’s sell 25 year 50 year forward contracts on our natural resources some foreign corporation or Country can come into mine. Using our young as cheap labour Or let’s be known as the deadbeat generation who had to resort to selling off pieces of Canada Plus since we stopped replacing ourselves. It will be more and more likely the great great great grandkids of these new immigrants stuck paying off the debts we run up long after we are gone… As we stick them with the bill But since we have been sel fish our whole lives living that good life let’s “now” complain about the solutions after decades and decades of this Our being broke… azzz Canadians who couldn’t replace ourselves

[@paulevans8348]

@@DW-op7ly Ok bot, enough from you.

[@DW-op7ly]

Anytime you want to dispute what I typed Feel free to fact check what I typed You just don’t want to hear the truth

[@TB-zf7we]

Yes it is thanks to these two: Gordon Campbell came up with the plan to sell our best real estate in BC to Asia's wealthy. When it was pointed out that it would raise the cost of living for average Canadians, his reply was they need to get out of the way...from him & his developer friends from making huge cake. Then Christy Clark came along and said hold my beer, and off we went to the demise of a once great city & country.

[@bobowon5450]

"starter home" should cost around 100k at the most.

[@zzzz-sf5lr]

That doesn't leave any room for greed, tho at that price!? 😅

[@OhNoNotAgain42]

Unfortunately, that won’t even cover the cost of materials. Add in labor…it’s going to be unaffordable. Everyone blaming government for basic math and economics

[@bobowon5450]

@@OhNoNotAgain42 bout 10 years ago you could get a starter home for 100k in most rural areas. my first house i bought just 4 years ago for 115k. doubt we'll ever see prices that affordable again

[@Treps1]

All the policians made their money in real estate. Congratulations you boned our country.

[@SaHlGood]

I really feel more and more Canadian are moving

[@LEV1ATHYN]

Born in E Van, Left in 2003. Every single person I know who stayed is now broke / in debt. So glad I left.

[@johnouellet4099]

It’s the same thing everywhere! I live in Phoenix AZ and you can’t get a starter house in a decent area here for much less than $600k… American, not Canada $

[@bubstrate2845]

same thing in chicago. economy needs to fundamentally change or multiple generations living in one home will be the new norm soon

[@Colbe-lx7fb]

As we witness the current economic landscape, it's becoming increasingly clear that we're entering a recession. These times can pose significant financial challenges.

[@Andres_853]

Indeed, Recessions have a way of affecting people's financial stability and investment portfolios in profound ways.

[@aybay8723]

I was born and raised in Vancouver and lived there was 22 years but it is so expensive now that my family had to move

[@Sc00terNut-zq3gs]

This isn't news. It's been this way forever. I'm refusing to put my money in this cesspit and am looking to buy in Galveston, TX where my money goes further in a much nicer city.

[@davidrandall2742]

There's a simple way to fix most of this problem: a new law that no one may buy a second dwelling until every working person in that area can afford one.

[@robbarber7253]

Not enough housing available. Also that doesn't magically make houses affordable, interest rates were too low for too long and it created a massive real estate bubble. Nothing to do with foreign buyers your putting the cart before the horse

[@charlesl1136]

Then who is providing housing for renters? They should sleep in tents?

[@davidrandall2742]

@@charlesl1136 - My suggestion would mean there would be very few renters.

[@DW-op7ly]

We borrowed and spent living the good life/high standard of living That is what you folks don’t get… we are broke. Azzzzzz…. Canadians who can’t pay our debts sitting on 2 trillion in Provincial/Federal debt these days Debt we really started running up in the 1940s. Sow dem gud ole dais ye pine fer? we didn’t pay for the first time around Which we just kicked this debt down the road for future generations to pay for Problem is, we stopped meeting “natural” population replacement rates in 1971 And we have around 1000 boomers turning 65 each and everyday in Canada (That started in 2011 won’t end until 2028) By 2036 we will have around 11 million Canadian seniors As by 2032 immigration will make up 100% of our population growth So we pack in the immigrants the poor ones to make our french fries and more importantly flip us over in bed in the old age home The rich ones to come support the economy and prop up the real estate Because most of these boomers are also personally cash poor/in debt But luckily….most of these boomers???? Shockingly by some engineered miracle the last few decades 😉!!!!! own a 40 year old plus never been renovated, overpriced home some immigrant is willing to overpay for. Which these boomers can get lines of credit on or reverse mortgage on or sell if they have to Which they should not .. … as that home will be one their own personal old age home in the future unless you can show me some links… on our building/buying enough facilities to house millions of Canadian seniors in the next decade Yes it’s one big Ponzi scheme that scr (ew) over the younger folks but we don’t want to crash our Ponzi Scheme of economy. (I have purposely gone to live in countries and among the locals living on a dollar a day wages in comparison to our dollar. You think your life su…cks these days) Try having 50k of someone else’s currency worth 2 million of our Canadian dollars Or have what kids you and I did actually have… Having to sell their wares to Russian sailors for a 500 CDN dollar loaf of bread or trying to sail a boat to some distant country for a better life wind up washed ashore on a beach Or grandmami/grandpapi begging on the street because that nest egg home they have they can’t sell off or afford to live in So the people at the bottom of our society lose out…. or we all do Don’t like packing in these immigrants/people as the solution? Let’s hear you folks say “I demand to pay more taxes” and “I demand less social services in return” Or let’s sell 25 year 50 year forward contracts on our natural resources some foreign corporation or Country can come into mine. Using our young as cheap labour Or let’s be known as the deadbeat generation who had to resort to selling off pieces of Canada Plus since we stopped replacing ourselves. It will be more and more likely the great great great grandkids of these new immigrants stuck paying off the debts we run up long after we are gone… As we stick them with the bill But since we have been sel fish our whole lives living that good life let’s “now” complain about the solutions after decades and decades of this Our being broke… azzz Canadians who couldn’t replace ourselves

[@je4270]

Rather than restrict people's freedom, why don't we put a moratorium on the importation of people? Same result.

[@thebroketraveller9601]

I hate living here, I hate the fact that I was born here, as soon as my university is done, I want to leave metro Van, preferably leave Canada, this country has gone way too much to the Far Left side of the political spectrum and we are paying the cost of it, years ago people mentioned they thought there were too many people moving here and those people were labelled racists, people wanted legal weed and Trudeau in, but didn’t pay attention to the added taxes that came with it, what a mistake Canadians made with that election in 2015, going to take decades for this country to recover from the debt we’ve added in recent years, I for one, as a Canadian who’s live here for 25+ years, do not want to spend the rest of my life being taxed to death, RIP to Canada, have fun as a 2nd world country at least we had the Liberals in right, instead of those far right conservatives, like give me a break

[@clipperprospecting8445]

Mostly BC , You may be happier by moving 1 province east. 👍👍

[@clipperprospecting8445]

Conservatives aren’t as bad as you think ..

[@thebroketraveller9601]

@@clipperprospecting8445 I’m very pro conservative my guy, you may not have understood my sarcasm in the last paragraph

[@SkepticalChris]

You should go to Russia! its paradise there, no left wing at all!

[@clipperprospecting8445]

@@thebroketraveller9601 yeah , I should have caught that , BC was once a great place to go , Not so sure anymore.

[@lupinearsenalALT]

It's not just foreign investors. Wealthy Canadian citizens and PRs are also buying up inventory for investment purposes. Why not put a cap on how many homes one can own in areas like Greater Vancouver and Toronto? Why not increase the property gains tax for every additional investment home purchased? If you tax the 1st investment property's capital gains at 50%, the 2nd one at 70%, and 3rd one at 90%, the tax money collected can be used towards building government owned public rentals! A policy like this could help with the housing shortage, keep greedy investors in check, and reduce the barrier to home ownership for younger generations. Until the government limits the number of homes one can own, nothing will change. The government's inaction all but proves that politicians too are investing en masse in housing.

[@archie_bunker]

Agreed but the root of the cancer are the realtors who created this mess

[@shauncameron8390]

@@archie_bunker Realtors created nothing.

[@PatrickNovotny]

There is no housing crisis. There is no shortage if there are vacant properties for sale. Thousands bought last year. Using the median home price vs income is like using the median car price for buying your first vehicle.

[@madmikemadmike2175]

we live in Moncton New Brunswick . we have a one bedroom with a balcony overlooking the petitcodiac river in the heart of the city where my wife walks to work in 15 minutes with underground parking and heat included in the rent for $590 a month.

[@nattie911]

That is a unicorn of an apartment! Saint John 1 bedrooms are $1,200 with no utilities

[@abcdedfg8340]

Dont let the rest of the country know.

[@seanothepop4638]

Enjoy it while you can.

[@PWingert1966]

One of the latest projections is that house prices will average over 2 million in just a few years. This will lead to large corporations being the only ones buying the homes. They then rent them out for $10,000 a month in perpetuity.

[@Audiodreamer192-24]

I live in Toronto and it the same crap here Forget buying a home it’s even almost impossible to rent one better availability and price for a house bedroom is upwards of 3k a month! Absolute insanity….

[@Scuba1893]

Gosh dil darn dang. This is the first I’ve heard of this!! I just CANT understand how this could happen!!! Sure hope our government can fix this major issue???? !!!!!!

[@Adam-lq5kg]

😂

[@longtalljay]

What's "first-time home buyer"? Most are serial buyers? Got greed/privilege?

[@3000A.D]

The whole Canada is in crisis dude . And we have the gall to take in i heard 200k refugees this year when we have our own people on the streets

[@davechang2949]

A leader that does not invest in the people that helped built Canada into a great country is not a wise person and much less qualified to lead anything of significance

[@glenncorpuz4324]

Is the Canadian government doing something about this problem? I wonder if the Federal government is taking any actions with this situation or they just want to ignore it and let the people be homeless for good.

[@samspade1841]

Thank you Justin and his fellow Liberals for all you’ve done for Canada

[@piku5637]

It’s not just them, it’s capitalism itself. No matter which party.

[@samspade1841]

Lol. Say the guy who’s enjoying the benefits of capitalism tools. Admit it, you’d never give up all your modern society gadgets for that socialism you think is so wonderful. Typical low info poster of socialism @@piku5637

[@555frontier]

@@piku5637 Crony capitalism and artificially low interest rates.

[@Generic321]

A condo is not ownership of anything

[@23calvken]

You make rules that you can only buy in Vancouver if you can prove full-time residency. Goodbye investors.

[@romanobaggio5961]

Trudeau Needs to resign - Enough is enough.

[@user-by3nd4rm6c]

Should only say that if you're real confident that there is someone else of worthy candidacy who has the guts to do better

[@jamesstuart3346]

Just bought a house in New Brunswick...$180.000 😂

[@Timetravel755]

It also offers nothing

[@sergeayissi939]

Is there a walmart within 100 miles?

[@jamesstuart3346]

@@sergeayissi939 Never been in a Walmart. Are they nice?

[@MBinDenver]

How many vacant apartment and condo units are there, as well as those that are not for sale or rent...

[@kevinl7173]

The shed in my garden is bigger than this room

[@892303001]

The whole country is in a "full-blown crisis" not to worry though, we have a failed drama teacher and a failed na zi journalist at the helm

[@mediaburn2]

"Is this the black swan even that causes the housing market to crash in Canada?" Not yet I guess. Enough people are still able to leverage up. It will be spectacular, and full of sad red balance sheets.

[@user-xu2yj8vo4g]

Black always brings darkness to world ,with no law and order .

[@beifan7281]

The fact the housing price continue to rise is because the demand is still high, which means there are still a lot of people can afford them. But who says everyone should OWN a property. You can rent. Vancouver is an attractive place to global market, and even to Canadians from other parts of Canada. Demand for housing is high. Don't forget a good chunck of property owners in Vancouver are locals from generations ago. Their properties are paid off. They have enough equity to invest on more properties. The people who are really struggling are young people who their parents cannot help, new comers to the country who do not have a lot of money to begin with, low income group. When I say struggling it means they cannot even afford to rent a place. But in general, high housing cost affects everyone's life style. But you can chose not to live in Vancouver. So let the market force do its job instead of so much government intervention. Governments only makes the housing crisis worse. Think about how much they charge for property transfer fees. How much they increase property tax each year. Do you think these taxes make it easier for people to buy/sell properties? Goverments are raking money in quietly with these taxes.

[@vkrgfan]

Property tax should be based on income brackets and no international students that live in multimillion dollar mansion because their rich parent placed them there should not qualify. Start fixing corruption from the top.

[@CHICVOYAGE]

It's old news but it's great that the media finally get's it. Locals can't afford to live here unless you're the beneficiary of wealthy parents or a HNWI. I see building happening in Vancouver finally but how long will it take for prices to normalize? I was fortunate to take out a mortage to buy a 1 bedroom condo near Library square for 420K in 2009. That same condo goes for about 800K now

[@coolioso808]

Vancouver area could really use a new social system. Capitalism isn't working out at all. Just like it isn't working out at all anywhere in the frikken world. Haven't we noticed this yet? How about think outside the box or a second? Do some research. Watch some documentaries like Zeitgeist films, the new one Requiem is coming out soon. Read some books like No Place Like Home: Building Sustainable Communities by Marcia Nozick, published in 1992 and it is STILL relevant. Even then Marcia saw the problem with corporate chains and capital monopolies expanding around the world, outsourcing and exploiting local workers, extracting the wealth out of the towns. Look into some community unity building organizations like One Small Town, based on the principles of Ubuntu Contributionism.

[@lelunie]

Lol who is in charge of building permits and most of the contruction regulation? The municipalities. Who are you blaming? Provicinial and Federal governments. Who did you vote for in the municipal elections? SMH

[@positivemindsets2225]

Listing agent high fees feeds the quick increases as well

[@theengineer704]

Wow and I was complaining about my city!!!

[@irvingberlin8489]

It's been this way for over 20 years. Why the concern now?

[@lynb1022]

Because economic collapse is coming and the real estate parasites finally realize their multiple properties won't save them.

[@user-dl7um5eq2z]

30 yrs is more like it!

[@iamshytv]

It’s not even remotely similar to 20 years ago 😂 it’s not even remotely similar to literally 3 years ago. With prices and interest rates today compared to income it’s not close. Today you need $125,000 saved for a 20% down payment on a 550 sq ft 1 bedroom apartment with an income of $150,000/year to even qualify for your $3300/month mortgage plus taxes & strata fees. These were not close to the numbers 20 years ago even per capita to inflation. The only similarity is interest rates are back up again which was albeit normal back then

[@piku5637]

People are sick and tired of capitalism even though they’re in denial or don’t realize this system itself is the problem and keep coming up with scapegoats to defend it.

[@jasonc5892]

@@piku5637 I don't know if it is capitalism itself or the greed it generates. People are greedy. If you own several investment properties, you're laughing right now.

[@bobwoods1302]

Get rid of Air B&B. If you want to run a hotel go build one!

[@shauncameron8390]

Get rid of rent control that enabled Air BnB.

[@604nation]

Decades of warnings…take a lol around Canada has turned into a disgusting dump

[@deanstevenson1649]

Gold would be cheaper if it were only used for Jewelry. Similarly, housing would be cheaper if it were only used for living in. Unfortunately, it is also a store of value for investors. There is another asset (new, not gold) that can do this better, and when people catch onto it, housing prices will drop by 1/3 at least as money moves into that other asset. It is a better store of value and costs almost nothing to maintain. It is location-less and nearly infinitely divisible. Governments need to start embracing this alternative asset instead of fighting it. Back the currency with it while you are at it to re-strengthen the currency.

[@ashleygoldsmith3479]

The housing they are funding is not affordable either. Bubbles gunna pop

[@jasonc5892]

Been hearing that for 15 years. Was supposed to pop after that meltdown in the States in 2008.

[@PelonMusk]

You can still get a single detached house in Edmonton for under 200k, if you don't mind methheads and -500 degree winters

[@shakyjake2133]

Better than paying 1 million in Vancouver and still getting said methheads though. At least I'm surviving, relatively so.

[@choden478]

Ministry of housing please talk to ministry of environment to spare a bit of land for construction from the vast land of Canada as our population is increasing at very high rate. Canada needs people but people need places to live.

[@esparda07]

Cool, only 10 years too late. Must be a record for the Canadian government. Realtors should be selling anxiety and depression insurance with their sales.

[@cskvision]

It's not just Vancouver, but all of lower mainland. And let's not forget Toronto. Immigration flood gates is the #1 culprit

[@DW-op7ly]

We borrowed and spent living the good life/high standard of living That is what you folks don’t get… we are broke. Azzzzzz…. Canadians who can’t pay our debts sitting on 2 trillion in Provincial/Federal debt these days Debt we really started running up in the 1940s. Sow dem gud ole dais ye pine fer? we didn’t pay for the first time around Which we just kicked this debt down the road for future generations to pay for Problem is, we stopped meeting “natural” population replacement rates in 1971 And we have around 1000 boomers turning 65 each and everyday in Canada (That started in 2011 won’t end until 2028) By 2036 we will have around 11 million Canadian seniors As by 2032 immigration will make up 100% of our population growth So we pack in the immigrants the poor ones to make our french fries and more importantly flip us over in bed in the old age home The rich ones to come support the economy and prop up the real estate Because most of these boomers are also personally cash poor/in debt But luckily….most of these boomers???? Shockingly by some engineered miracle the last few decades 😉!!!!! own a 40 year old plus never been renovated, overpriced home some immigrant is willing to overpay for. Which these boomers can get lines of credit on or reverse mortgage on or sell if they have to Which they should not .. … as that home will be one their own personal old age home in the future unless you can show me some links… on our building/buying enough facilities to house millions of Canadian seniors in the next decade Yes it’s one big Ponzi scheme that scr (ew) over the younger folks but we don’t want to crash our Ponzi Scheme of economy. (I have purposely gone to live in countries and among the locals living on a dollar a day wages in comparison to our dollar. You think your life su…cks these days) Try having 50k of someone else’s currency worth 2 million of our Canadian dollars Or have what kids you and I did actually have… Having to sell their wares to Russian sailors for a 500 CDN dollar loaf of bread or trying to sail a boat to some distant country for a better life wind up washed ashore on a beach Or grandmami/grandpapi begging on the street because that nest egg home they have they can’t sell off or afford to live in So the people at the bottom of our society lose out…. or we all do Don’t like packing in these immigrants/people as the solution? Let’s hear you folks say “I demand to pay more taxes” and “I demand less social services in return” Or let’s sell 25 year 50 year forward contracts on our natural resources some foreign corporation or Country can come into mine. Using our young as cheap labour Or let’s be known as the deadbeat generation who had to resort to selling off pieces of Canada Plus since we stopped replacing ourselves. It will be more and more likely the great great great grandkids of these new immigrants stuck paying off the debts we run up long after we are gone… As we stick them with the bill But since we have been sel fish our whole lives living that good life let’s “now” complain about the solutions after decades and decades of this Our being broke… azzz Canadians who couldn’t replace ourselves

[@samyu6493]

One word: OVERPOPULATED!!!!!

[@RandyRiver07]

When has it ever been affordable 😂

[@yeetian2774]

Retired rich Canadians like to purchase properties in Vancouver. I know some oil rich bought lands in Surrey and west Vancouver.

[@Indoman_71]

Thanks RBC for your insightful thoughts. I wouldn't have guessed.

[@davissmith3396]

Amazes me how nobody ever talks about record number of immigration, it needs to come to a stop now or this will never get any better

[@rboddington]

$600, 000.00 for a one bedroom apt, can't stop laughing. I bought a 5, 000 sq foot house here in Ontario for $360, 000.00.

[@robbarber7253]

Ya in the 90s or early 2000s? Or you bought in the middle of buttfk nowhere?

[@rboddington]

@@robbarber7253 Thanks to to high speed internet, the middle of buttfk nowhere is now the same as downtown Toronto. Not everyone needs to leave their house for work in the 21st Century.

[@rboddington]

@@robbarber7253 The middle of buttfk nowhere is now downtown Toronto, thanks to fibre optic cable. Not everyone needs to be physically present at their job. I also leave my Porsche and Range Rover in my driveway overnight, total number of times, they have been stolen...zero.

[@gxz1981]

Where in Ontario? there are also 5000 sqft house In interior BC that less than $350k. Are we comparing apples to apples

[@rboddington]

@@robbarber7253 I responded twice and my comment was deleted, twice.

[@RampageRilla]

Nothing will change! The Canadian youth keep moving away. The city is owned primarily by rich foreign based people who use the homes as safe tax shelters. They have deep pockets with their home countries in Asia. Adding housing for who? immigrants? BC needs to house Canadians first then people who don't pay tax here. I mean you don't get a place over a Canadian application. that's not whats going on though. Vancouver is crumbling and we're leaving!

[@SeethingSimp]

BC doesn't need to house anyone not paying tax

[@donaldkasper8346]

Vancouver was unaffordable in 1980 as the Chinese ran up prices.

[@liltay4prez]

23 percent of every new home in Vancouver is taxes permits and fees - it really is and it’s the NDP prov gov takin the lion share

[@JasonK.-cy2tl]

Same as Calgary. My friend's friend lease is expiring on a 2 bd apt. She pays $1500 right now. The landlord has raised the rent to $2200. A 46% increase. The problem is not the landlords. The problem is the Liberals allowing too many immigrants right now. We are ALL immigrants or descendants of immigrants. But there must be common sense policies. People are gonna go homeless.

[@francisdoherty4066]

Mine went from 950 to 1500 in a year.

[@Triple_T_]

When is setting gonna change, I feel like governments can stop this foolishness

[@georgepapadopoulos3787]

They just added a zero to the house prices in the last 35 years.

[@ln9680]

Blame the money laundering Chinese and the politicians who have done nothing to stop the corruption.

[@leonardogarrido]

I started seeing the chances after 2010. Hate the homeless everywhere and housing prices are super high. It's like two different worlds cohabitating . Now is super crowded....

[@solidorsharp3091]

Thank you economist’s $ keep working on real change. Fix your broken credit system. Focus on bank capital reform, vote for leadership that’s genuine about real change ! USA is with you. We have the same problem too.

[@talradlandheart6075]

I thought it was like that in Vancouver for years now.

[@NoGattsuNoGlory]

What we already know is Trudeau needs to go

[@SkepticalChris]

Just vote in Pierre Polly, and overnight, 4 bedroom houses 15 minute drive from downtown Vancouver will be back to being $250,000 overnight!

[@chrisyip2983]

It'll take more than a term, if not a decade, at least, for a Conservative Government to reverse and repair the damages that Trudeau's Liberal & NDP did to Canada.

[@rickvervoort9536]

@@SkepticalChris It's going to take a decade to clean up Justin's mess. It took that to clean up his "daddy's".

[@DW-op7ly]

We borrowed and spent living the good life/high standard of living That is what you folks don’t get… we are broke…. Canadians who can’t pay our debts sitting on 2 trillion in Provincial/Federal debt these days Debt we really started running up in the 1940s. Sow dem gud ole dais ye pine fer? we didn’t pay for the first time around Which we just kicked this debt down the road for future generations to pay for Problem is, we stopped meeting “natural” population replacement rates in 1971 And we have around 1000 boomers turning 65 each and everyday in Canada (That started in 2011 won’t end until 2028) By 2036 we will have around 11 million Canadian seniors As by 2032 immigration will make up 100% of our population growth So we pack in the immigrants the poor ones to make our french fries and more importantly flip us over in bed in the old age home The rich ones to come support the economy and prop up the real estate Because most of these boomers are also personally cash poor/in debt But luckily….most of these boomers???? Shockingly by some engineered miracle the last few decades 😉!!!!! own a 40 year old plus never been renovated, overpriced home some immigrant is willing to overpay for. Which these boomers can get lines of credit on or reverse mortgage on Or sell if they have to Which they should not .. … as that home will be one their own personal old age home in the future unless you can show me some links… on our building/buying enough facilities to house millions of Canadian seniors in the next decade Yes it’s one big Ponzi scheme that scr (ew) over the younger folks but we don’t want to crash our Ponzi Scheme of economy. (I have purposely gone to live in countries and among the locals living on a dollar a day wages in comparison to our dollar. You think your life su…cks these days) Try having 50k of someone else’s currency worth 2 million of our Canadian dollars Or have what kids you and I did actually have… Having to sell their wares to Russian sailors for a 500 CDN dollar loaf of bread or trying to sail a boat to some distant country for a better life Or grandmami/grandpapi begging on the street because that nest egg home they have they can’t sell off or afford to live in So the people at the bottom of our society lose out…. or we all do Don’t like packing in these immigrants/people as the solution? Let’s hear you folks say “I demand to pay more taxes” and “I demand less social services in return” Or let’s sell 25 year 50 year forward contracts on our natural resources some foreign corporation or Country can come into mine. Using our young as cheap labour Or let’s be known as the deadbeat generation who had to resort to selling off pieces of Canada Plus since we stopped replacing ourselves. It will be more and more likely the great great great grandkids of these new immigrants stuck paying off the debts we run up long after we are gone… As we stick them with the bill But since we have been sel fish our whole lives living that good life let’s “now” complain about the solutions after decades and decades of this Our being broke… azzz Canadians who couldn’t replace ourselves

[@LLitterally]

@@rickvervoort9536The mess isn’t new. The data shows the vacancy rate had dropped steadily since the 70’s. ALL levels of govt turtled. Look it up.

[@gross8797]

I was born in Vancouver and lived there for 35 years, I own a condo in new west , I moved to Edmonton 10 years ago and now own 4 houses here and you couldn’t pay me enough to move back , Vancouver is not the same place I grew up in , and it’s super sad. It was the best place to grow up in the 80-90s , I love visiting but I love not living there anymore

[@user-gj8mn4ce8d]

Yeah , same here . Trade all rain for sunshine. Life is too short for that place. Thought of living and wasting all that time with 10 months of rain is depressing just to-think about. So many people here now with the same story and reasons for leaving.

[@user-jo7dd2jn5s]

We really needed this very indeep journalist investigation to discover a totally new subject. Thanks guys

[@ianhunter14]

“Housing has become so unaffordable that residents are starting give up their cocaine addictions just so they can pay the rent”

[@Crowback354]

Its been in a massive housing crisis for the past 5 or 6 years. It was never good but now its on the brink of collapse.

[@linebrunelle1004]

30 years or more. lol. jeepers. history doesn't start when you become aware of it