Canada Announces $20B More For Housing... Experts Say Impact Will Be Limited

[Economy 52,847]

https://www.bnnbloomberg.ca/economists-stakeholders-react-to-fiscal-update-housing-measures-1.2001857

 

Deputy Prime Minister and Finance Minister Crystia Freeland announced more financial comitments totalling close to $20B for housing including more interest free loans for developers, removal of GST for purpose built rentals if conditions are met.

 

Earlier in the year the government announced a fund giving away billions to municipalities who came up with a concret plan to increase housing construction by certain amounts. Billions have already been comited and approved for several larger cities

 

Experts say given rapid population growth, construction worker shortage and red tape/inneficient regulation slowing down construction, its likely these measures will be insufficient to considerably move the kneedle on the problem

 

 

[Flapjack 1,264]

After reading what was said a couple of times and trying to see what the media was saying, this seems like a really lame statement. No actual initiatives starting until a full year from now (at minimum) and expected spending for housing that literally only amounts to .03% of the needed homes in this country by a similar margin of time.  I feel like they don't expect to keep office by the time these proposals are met so they will all basically fall through, not that the cons/NDP have anything proposed OR better OR anything... I don't appreciate their vagueness in what they consider grounded plans.

[Tyler1992 2,340]

Scapegoating municipalities, and pinning the blame away from a federal level during a housing shortage wins no points. 

There are units that can be filled RIGHT NOW! 

Change policy to allow people a place to live, rather than weekend getaway. 

[Fuffy 1,049]

It sounds like the liberals are doing the right things now but it’s all too late.

I’m fortunate to have savings, good income and honestly, family support, but it’s really sad that you essentially need to have that family money to buy somewhere. 

Even then, I never eat out, rarely buy new things, avoid going on trips and found myself mentally burnt out/unwell from juggling a heavy job with two side hustles. It’s all exhausting and I’m still in the lucky bracket.

I’ve noticed a lot of attitudes to immigration change recently too, and . It’s such a drastic switchover from when I moved here. 

[Economy 52,847]

On 11/22/2023 at 1:21 AM, Tyler1992 said:

Scapegoating municipalities, and pinning the blame away from a federal level during a housing shortage wins no points. 

There are units that can be filled RIGHT NOW! 

Change policy to allow people a place to live, rather than weekend getaway. 

If ur refering to Air BnBs I agree

 

While they are nice, the sacrafice of giving them up as an option (i mean hotels still exist and ppl did just fine with them for the last 200 years) is nothing compared to the sacrafices families struggling to get by make to make ends meet with such expensive housing.

 

While Banning Airbnbs may not come even close to solving the housing crisis on its own, its an easy place to start making progress with for housing supply

[Economy 52,847]

On 11/22/2023 at 8:11 AM, Fuffy said:

It sounds like the liberals are doing the right things now but it’s all too late.

I’m fortunate to have savings, good income and honestly, family support, but it’s really sad that you essentially need to have that family money to buy somewhere. 

Even then, I never eat out, rarely buy new things, avoid going on trips and found myself mentally burnt out/unwell from juggling a heavy job with two side hustles. It’s all exhausting and I’m still in the lucky bracket.

I’ve noticed a lot of attitudes to immigration change recently too, and . It’s such a drastic switchover from when I moved here. 

I think to really move the needle they also need to take in more construction workers as immigrants not just colledge and university white collar people

 

Labor shortage in skilled trades is often cited as a major reason for slow construction (along with red tape such as slow permit approvals and restrictive zoning). Throwing tax dollars at the problem does nothing to solve either of these.

 

Any projects that the government successfully gets off the ground with tax dollar innitiatives require labor that may simply be displaced from other projects that would have gotten built on its own and u end up wasting tax dollars to achieve no increase on a net basis

 

Glad their trying. But that critical detail doesnt seem to be getting enough attention but its part of the puzzle

[Tyler1992 2,340]

6 hours ago, Economy said:

If ur refering to Air BnBs I agree

 

While they are nice, the sacrafice of giving them up as an option (i mean hotels still exist and ppl did just fine with them for the last 200 years) is nothing compared to the sacrafices families struggling to get by make to make ends meet with such expensive housing.

 

While Banning Airbnbs may not come even close to solving the housing crisis on its own, its an easy place to start making progress with for housing supply

I'm talking AirBnBs and other short term rentals, yes. I see it could look like I’m talking second homes like cabins, cottages etc., but I think those have their place.

It may not come close to solving the issue, but it’s the little by-laws and loopholes that need to be reigned in. 

In my city, theres entire condo buildings that have become hotel-like buildings, people buying multiple units and renting them out short term. 

Fortunately, Legislation just passed in BC changing short-term rental rules and making them stricter. 

[dit 46,738]

the housing crisis in canada is insane. I have no hope of ever owning a home anymore when that home was actually realistic only like 5 years ago! it just went insane especially post covid....

[AsleepOnTheCeiling 6,965]

I'm not Canadian so I'm not too sure about my assumption, but it sounds like they're just giving their friends interest free loans (free money)?

[Emvee 8,829]

Governments are dragging their feet on this issue when it’s quickly becoming something that will undermine democratic rule of law. These are the sort of conditions that fascist groups sprout from. Biden would be a much more popular president if Americans weren’t just scraping by and at the same time billions getting thrown at Israel and Ukraine. 

[Economy 52,847]

8 hours ago, dit said:

the housing crisis in canada is insane. I have no hope of ever owning a home anymore when that home was actually realistic only like 5 years ago! it just went insane especially post covid....

Lets be real tho... it may be insane after covid but it was already insane before covid...

 

Canada has been in a housing boom non stop since 2001 (22 years now) and i think at least in the major cities by 2014/2015 it was already pretty unaffordable for most people

 

I think what changed shortly before pandemic (and pandemic then accelerated the trend) is that now i cant run away from it cuz smaller cities far away from the big metros started getting expensive too its no longer an issues exclusive to high population areas

 

My ex moved to Chatham (near Winsor) in 2019, this was before pandemic and already prices were surging there.

 

To think my parents suburb home in Brampton was bought for $226,000 in 2005 and is now worth $900,000  and its in the old cheaper part of the city where lower income ppl live cuz most of Brampton is like $1.1M or more and its a dam suburb

 

 

[dit 46,738]

6 hours ago, Economy said:

Lets be real tho... it may be insane after covid but it was already insane before covid...

 

Canada has been in a housing boom non stop since 2001 (22 years now) and i think at least in the major cities by 2014/2015 it was already pretty unaffordable for most people

 

I think what changed shortly before pandemic (and pandemic then accelerated the trend) is that now i cant run away from it cuz smaller cities far away from the big metros started getting expensive too its no longer an issues exclusive to high population areas

 

My ex moved to Chatham (near Winsor) in 2019, this was before pandemic and already prices were surging there.

 

To think my parents suburb home in Brampton was bought for $226,000 in 2005 and is now worth $900,000  and its in the old cheaper part of the city where lower income ppl live cuz most of Brampton is like $1.1M or more and its a dam suburb

 

 

My heart breaks for my neighbor because their family bought a house in 2014 in Ottawa for apparently 175k (which is shockingly cheap) and now it is worth is worth 500k BUT they sold it only a few years after purchasing it for just like 200k lol! it still stings them how they missed out on huge profit!

That said, I know what you mean. IT has always been expensive but at least I deluded myself that if I can save a 100k down payment I could hopefully afford a house. Now there is no hope even if you have a 150k downpayment ready tbh. It's just to expensive. At most my hope it to have an apartment but the condo fees are INSANE. I dont know what I will do. How about you and me we get married and we buy a apartment together?  I know you are straight but maybe you can be gay for financial benefit?  

JK of course LMAO  

[Economy 52,847]

8 minutes ago, dit said:

My heart breaks for my neighbor because their family bought a house in 2014 in Ottawa for apparently 175k (which is shockingly cheap) and now it is worth is worth 500k BUT they sold it only a few years after purchasing it for just like 200k lol! it still stings them how they missed out on huge profit!

That said, I know what you mean. IT has always been expensive but at least I deluded myself that if I can save a 100k down payment I could hopefully afford a house. Now there is no hope even if you have a 150k downpayment ready tbh. It's just to expensive. At most my hope it to have an apartment but the condo fees are INSANE. I dont know what I will do. How about you and me we get married and we buy a apartment together?  I know you are straight but maybe you can be gay for financial benefit?  

JK of course LMAO  

But when they sold it did they buy another house or go back to renting? Cuz if they stayed in the market doesnt make much difference

 

And $500K. Still so cheap compared to my area.

 

I think Calgary, Edmonton and Ottawa are probably the only 1M people+ cities in Canada that havent gone bananas to the same extreme