Should home prices go down? ’No,’ says Canada’s new housing minister | Globalnews.ca
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Gregor Robertson, the former Vancouver mayor, was sworn in as housing minister in Prime Minister Mark Carney’s new cabinet on Tuesday.
    • hotcouchguy [he/him]@hexbear.netEnglish
      10·
      2 months ago

      Liberal voters want affordable housing as long as it doesn’t cost anything or reduce the value of their property, if anything they should be happy with this this kind of nonsense statement

  • DragonBallZinn [he/him, they/them]@hexbear.netEnglish
    7·
    2 months ago

    MFW one of the few countries where even nominal non-fascism isn’t absolutely irrelevant and one of their governments first words are “do not worry real estate investors, we would never harm you! Your property values are safe under our watch!”

  • shawn1122@lemm.eeEnglish
    6·
    2 months ago

    He said ‘no’ as a bit of an afterthought. Overall I did not get the feeling he has any idea what hes talking about and I’m not sure why Carney selected him. I’m guessing he was what less inclusive members of our society would refer to dismissively as a DEI hire to combat concerns around Western alienation.

    In what market do you increase supply and prices do not go down? The entire purpose of increasing supply is to decrease prices and improve affordability. A more seasoned politician would have simply said that he and the liberal government is committed to improving affordability.

    • uglyface [he/him]@hexbear.netEnglish
      7·
      2 months ago

      In a market with expanding demand to meet the increased supply or unmet demand not in the market. So many people are priced out that they will add to the demand as supply is increased without changing the pricing. Institutional investors can create more demand by reselling properties as securities with rental return promises in financial markets. Simple supply and demand economics don’t really apply to complex systems.

      • shawn1122@lemm.eeEnglish
        8·
        2 months ago

        I see what you’re saying and appreciate the explanation.

        From a practical standpoint, for real estate to become more affordable, it would make sense that price has to come down.

        Perhaps you could have a different category of subsidized housing which renters will flock to.

        In this case, there would be less people looking for properties for rent. Which would make holding property as an investment less viable and should also bring down the value of that property if many such properties are sold.

        Hard to see how this plays out without deflating the bubble to some degree.

        • uglyface [he/him]@hexbear.netEnglish
          7·
          2 months ago

          Unfortunately for Canadians (and Americans, same dynamic) so much personal wealth of homeowners are tied into their properties and they’re leveraged against it any decrease in the housing price is going to cause retired homeowners are going to go hungry and they’re the largest block of voters so that probably isn’t going to happen.

          To actually fix the problem though they need to regulate institutional investors out of the market completely and set price controls. It isn’t very free market or neoliberal but that would actually work. The government can dictate prices, they just won’t do it because the people who benefit from high prices control the government not the people who the government is supposed to serve.

          • shawn1122@lemm.eeEnglish
            5·
            2 months ago

            So, regulatory measures with a gradual, measured increase in supply is the answer. Hopefully this government will be brave enough to move forward on that.

            • Lyudmila [she/her, comrade/them]@hexbear.netEnglish
              3·
              2 months ago

              Hopefully this government will be brave enough to move forward on that.

              Have you ever considered investing in real estate? I have a fantastic deal on a bridge you might be interested in!