A Canadian official in charge of housing policy confirmed the current market is not an accident. Instead, it’s a conscious decision where the government picked the winners and losers. TVO aired an interview with MP Adam Vaughan yesterday, discussing housing policy. In the interview, Vaughan, who helps oversee the CMHC, said price drops are not an option. The minister also said the market doesn’t work for locals, but is great for foreign investors. He also implied the strategy they might use to fix the market is one they were warned against. It was some interview. Here are the key market takeaways.
Canada Will Not Let Home Prices Drop By 10%
The government refuses to let prices drop, and will support inefficiencies. When Vaughan was asked if he would allow home prices to fall 10%, he tried to explain how hard it would be on homeowners.
When discussing a price drop, the minister said “I can understand why that is seen as a positive thing for people who are trying to get into the market, but hands up if you’d like to see 10 percent of the equity in your home suddenly disappear overnight.”
He then implied Canadian homes are financial instruments, not necessarily for housing. “We know that Canadians rely on homeownership to secure their place in the economy now. But also as they retire we have to be very careful that whatever steps we take to protect the investments Canadians have made in their homes at the same time.”
Canadian Real Estate Developments Vulnerable If Prices Drop
The minister was asked why a 10% drop would matter with prices rising “30 to 40 percent” over the past year. Apparently, without last year’s absurd gains, people would be underwater. “you know it’s a situation where you don’t want people to be underwater with their mortgages.”
He adds this is really an issue to save the real estate development industry in Canada. “You don’t people who’ve made deposits on properties suddenly find themselves underwater if they close the deal. Because they’ll start walking away from projects and that collapse will have impacts on the development industry so you’ve got to be very careful about this.”
Vaughan is a minister in the Greater Toronto region, which recently experienced this. When the “foreign buyer mini-bubble” popped in 2017, rapid price growth abruptly turned. Some projects and homes were left with appraisals undervalue. This left buyers scrambling for even more cash, or risk losing their deposit.
Canada Is “Not Great” For Locals, But Safe For Foreign Investment
Canada doesn’t think it has a foreign investment problem, because they see it as a good thing. While discussing sprawl, Vaughan made an unprompted jump to foreign investment. He said, “we have a very good system for foreign investment creating a lot of new housing in Canada as we have immigrants as we grow the population.”
A few seconds later, he admits the market is safe for foreign investment, but not so much for locals. “… we are a very safe market for foreign investment but we’re not a great market for Canadians looking to make choices around housing and so we’ve got to make a number of decisions that address the 2 sides of this coin.”
I know what you’re thinking — what foreign investment? They said that died down years ago. It’s likely a reference to new home pre-sales and permanent residents that are buying. Some argue new home pre-sale assignments are faster funded when foreign investors are involved. This is faster than waiting for your broke-ass to put together a downpayment. Non-resident investors then try to sell it before occupancy, avoiding a tax hit. As a bonus, they aren’t usually recorded as a non-resident buyer anywhere.
As for immigrants, Canada has long been a great place to live — just not a place to earn income. SCMP found more than 40% of millionaire migrants exit the country soon after arriving, but their family remains. These are commonly known as “astronaut families, and it’s been around in Canada for a while. It’s common in developing countries, with underdeveloped job markets. While these households are technically local, their money is “foreign” in source. Hence foreign investment, but not non-resident buying.
Canada May Do What It Was Warned Not To With Real Estate
Canada was warned by everyone, from the IMF to big banks, not to give first-time buyers incentives. The general consensus is by helping first-time homebuyers, the government will extend inefficiencies. By doing so, they’ll create a large gap for inequality in the near term and city failure long-term. So what are they going to do? It appears exactly what they were warned against doing.
The minister said, “we need to dampen the inflation, and build those bridges to homeownership.” In other words, they want to slow price growth — not have it reverse in any capacity. The only way left to “build those bridges” would be credit extension or wage inflation. Extending credit to home buyers is literally what they were warned against. The kind of wage inflation needed, would result in higher rates and lower budgets — crushing home prices anyway.
The takeaway from the interview, to put it bluntly, is Canada’s housing crisis is far from an accident. The government has a firm belief they are in charge of home prices and will prevent them from falling. If they truly believe they can be in control of prices, that indicates the 40% increase in prices was no accident. It was intentional, as was the fallout to younger generations.
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The foreign buyers that doesn’t exist are driving up property now?
The government takes up the position as soon as foreign buying is no longer a thing, and they’re in the middle of a dispute with another country that’s curbing investment. We totally believe this is under control.
Everyone wants to live here, and it a one-bedroom condo will be enough to retire. The government wants to make it so.
Bond rates must be a real mystery to this guy.
Foreign investors mostly = Blackrock and those type of behemoths that gobble up real estate and rent it back.
The Canadian Government has elected to serve foreigners before, and at the expense of, Canadians? There must be someone or something in Canada benefitting from this betrayal. Who is it?
They are taking a short term view that keeps their electoral seat.
The game has turned into a zero sum game where the worlds capital (and new debt created) has no choice but to flow into the de-factor government backed asset in canada: Housing.
But the electorate will not tolerate a housing drop considering they bought into the housing ponzi scheme (and are probably paying a significant sum of their after-tax income on mortgage) and so they don’t care what happens as long as their paper wealth increases.
There are people in the country who are banking on their homes rising 10-30% per year in order to retire and finance their consumption.
It’s gotten absurd.
It’s an interesting question as to what the our Central Planning Committee can do here. Limit immigration? Sure. Then GDP takes a hit because the per capita GDP was stagnant absent immigration. Limit foreign investment? Sure, but then housing (increasingly a bigger driver of the “wealth” of Canadians”) takes a hit. Every choice involves sacrifice. What will happen?
As expected. At least he is being honest. The country produces little else. Certainly nothing that can provide the populace with a first-world standard of living and nothing that can cement a spot in the New Economy of the future (i.e. technological advancements).
For all the talk Canada gives about progressivism and diversity, turning the country into a real estate bonanza at the cost of other sectors seems like a joke.
The only way this state of affairs ends is if our dear friends down south engage in some sort of shakeup that forces our markets to react. Or the Chinese do something abrupt like invade a country and cause a war. I really don’t see how, absent an international calamity, this will stop.
Can someone pull up the GDP per capita and non-residential investment? Or any other metric related to long-term prosperity like productivity metrics? How do we rank relative to other comparable countries? I don’t want to view those pesky numbers because it would ruin my day.
The absurdity of it all is we had the audacity to mock the Americans in 2008. They at least fixed their issue and took the hit on the chin because they had other drivers of growth to dampen the shock. Will we continue to be as smug going forward? They have a military industrial complex and private sector that introduces meaningful new tech (not just software) and we, well, we bid up the price of dirt in the land and call it a success. We have no stable grounds on which to criticize the Americans and their activities. We have politicians openly admitting that we are a kite in the winds of international capital with no alternative.
Ideally the goal is to minimize housing costs so your country can become industrious and competitive in things that matter. It seems we decided to just inflate the assets and call it a day going into the neoliberal era since the 80s.
This is not capitalism. This is hyper-financialization masquerading as “progress” and “wealth.” Really, it’s just debt.
Capitalism without markets is not capitalism. It’s feudalism.
I don’t know what their endgame here is. Houses being worth 70 million CAD in 25 years? Lol. Interesting to watch, but I’m not inclined to put my savings in Canadian markets. The American ones will do for now.
Your comment about houses being worth $70m CAD in 25 years made me chuckle. A relative bought an ordinary house in 1971 for $120,000 CAD. It has wide but not deep lot in a nice neighbourhood, but you wouldn’t give the house a second look. The house is now worth $2.8m CAD. So in 50 years, it has increased 23.33x it’s original value, or according to a compound interest calculator, on average it has increased in value 6.5% yearly.
If this increase holds, it means that in 50 years, the house should be worth $65m – which would be laughable except a lot of Canadians actually believe – without doing this math – that their house value will increase 30% y/y indefinitely.
I mean, if my relative’s house is worth $65m or heck, even $10 or $20m in 50 years, it means that the Canadian dollar has been severely devalued because we’re a country of multimillionaires (/sarcasm) who can afford to buy and sell houses to each other. But hey, why let math and common sense detract from the fact that salaries have DEFINITELY not kept pace with real estate and that actual multimillionaires wouldn’t deign to buy your house? TO THE MOON! Lol.
When discussing a price drop, the minister said “I can understand why that is seen as a positive thing for people who are trying to get into the market, but hands up if you’d like to see 10 percent of the equity in your home suddenly disappear overnight.”
Hands up if you’re a home owner who doesn’t mind seeing the 10% equity built into your home in the last few months drop 20% back to what it was in 2019 in order to allow your children and other future Canadians a shot at half an affordable life……
This guy is douce…..and so are all Canadians who aren’t willing to take a minor set-back to give future Canadians a major boost.
Except it is just capitalism…
Where it can, capital will rationally seek monopolies, because they ensure outsized returns. Land the urban centres of politically stable countries is just one such monopoly.
There’s no iron law of capitalism that says that capital must go towards satisfying actual human needs.
Capital exists in other systems. No one says capital needs to be allocated to basic needs, but the concept of competitive markets means it’s a requirement for basic needs to be maintained. It’s only when a monopoly is allowed to form through the capture of government does inefficiency breed. This is when capitalism no longer exists, and it reverts to feudalism (or neo-feudalism).
I think that’s a misunderstanding based on the idea that capitalism is strictly an economic system (vs a political system as well). Yes, economists like to imagine that its natural state is perfect competition, or something approximating it, but empirically speaking capture of government by capitalists is the norm rather than the exception.
Capitalism takes on many forms but I would much rather prefer a more industrious form of capitalism than one based on inflating dirt in the ground. Maybe that’s too much to ask for? Lol.
A monopoly conferred to, say, Google or Facebook doesn’t really harm me and creates wealth and is largely positive sum. Land is a monopoly that I would rather the government try to actively minimize or destroy and keep cheap so that capital can be channeled productively.
I think Canada and the Anglosphere has completely lost the plot here.
It’s not land….it’s housing. Kind of like water, food and clothing, shelter is a basic human need.
Good Job Canada…..this is embarassing.
The inflation of housing is mostly the inflation of land not materials. It’s always like this in all historic housing bubbles.
Financialization is not capitalism. Those are two very different things.
Honestly at this point who cares how it’s defined. We flat out got screwed by policy makers. Young people need to take this to the ballot box and stop thinking that these leftist liberals and NDP really give a shit about you.
And elect real leftists who will start confiscating property, nationalizing industries and sending realtors to the gulag? Sign me up.!
The government intervening to artificially prevent a price decline is the very OPPOSITE of capitalism. In fact, it’s exactly what China does in its own housing market.
in the last 50 years the Chinese have played the NeoLiberal game phenomenally. We must give credit where it is due. The West hates them for it, and I’m no Chinese apologist, but it is ironic that the “Commies” have done as well as they have. They have a concrete vision of overtaking the Americans in key sectors. The Americans have woken up and are discussing counter measures.
If we have “Socialism” with the liberals, where the hell is our 5-year plan? I suspect there’s no plan at all. Speaks to the incompetence of our elites more than anything.
People don’t realize, standard of living is stagnating for most even though they think they get rich through housing. More immigration will only put more and more pressure on wages at this point. You can live in a 1 million $ house, but what happens if you lose your job? How much the next one is going to pay.
For an immigrant who still has roots back home, it can be a good deal. Sell here then buy something real nice over there for much less and pocket the difference. For people intending to retire here, it is a zero sum game.
We are killing our competitiveness in the process.
I was one of the people mocking the Americans in 2008 for their bubble. We accomplished to do much worse and our politicians are proud of it. Disgusting.
According to Statcan (Table: 36-10-0222-01 ), between 1981-2008, the ratio of business investment of (machinery/equipment + intellectual property) : residential ((ME+I)/R) , never dropped below 1.0. In contrast, starting in 2009, it has never risen above 1.0.
More specifically… ((ME+I)/R) , avg real GDP/yr.
1995-2001: 1.76 , 3.51%
2009-2019: 0.825, 2.014%
1981-2008: 1.36, 2.61%
Just looking at these numbers, it seems real gdp grows faster when business investment favours machinery/equipment, over real estate.
Thank you for this. It’s not a coincidence that the post crash QE bonanza has created a dearth of real investment and I have my doubts about the numbers recovering any time soon. The momentum isn’t in favor of it.
Yes, the Government thinks it created negative cap investors. Nice try, Adam.
But seriously, they have no idea what to do to get themselves out of this. Hopefully Millennials don’t vote for this guy again, because he very clearly hates them.
His riding is mostly just empty AirBNBs now. Can they vote?
They just admitted they know the market is optimized for foreign incomes, but not locals… while pursuing a ramp of immigration and fixing higher prices? WOW. This would be a scandal times 10 in the US.
History tells us this won’t end well. The question will be the catalyst that causes the dominos to fall.
I want the crash so badly. Not even because I think I’m some smart guy who’s gonna finally be able to afford a house. I know I’m not. I just want to watch smug realtors and investors take a kicking.
Lol. There are a lot of people out there with the same sentiment as you.
No link to him getting roasted on Twitter? Booo. haha.
Glad someone wrote about it, because who watches TVO now?
WOW, that is something else. The tax base is not affected by assessed values….the cities use the valuations to decide what they need to establish as a mill rate to pay for their already created budget. Lol, this guy is blowing smoke.
How will the average homeowner pay their property taxes which are based on the neighborhoods house selling price. My Oakville house had property taxes of $3500 in 1993. Now they are approaching $20,000. The average income has only increased 25% since then. People have sold to escape the tax they can’t afford – even if they are mortgage-free.
Central banks ratchet rates to near zero to save the economy and now play whack-a-mole to stop the unintended consequences that will wreck the economy. Hmmm kinda funny 😏
That interview was absolutely stupid. Adam was saying province is responsible for housing crisis. So now the blame game will start between different levels of Govt. Great!
If housing is province problem then federal housing minister and secretary are absolutely useless, which they are, and just hogging taxpayers money.
Federal govt. has proved they have no intention in protecting interest of Canadians who pay taxes that runs the govt.. They are just puppets of criminals and money launders. Canada has a bleak future.
Also, Adam was saying they want to protect the savings nest of retiring Canadians while at the same time govt. wants to bring young immigrants to replace again population.
Good luck with convincing am educated skilled young immigrant to come here and be able to retain the existing talent. What type of immigrants would fall for this and that wouldn’t help Canada become more attractive for business investments.
The myth of Canada is quickly dying.
Still great compared to 80 percent plus countries though.
You’re onto something there. There are lots of Youtube vids out there of new immigrants in Canada warning potential immigrants of what they have experienced since arriving in Canada.
I don’t really see where this brilliant plan is headed. The average immigrant cannot afford housing the same as everyone else. There is already a lot of articles on places reddit that warns people about high costs in Canada. There is no loyalty here, people will go where they can build a life. Now that U.S is friendly to immigrants again, does the government really expect everyone to line up to pay for our $1 million dollar homes?
They expect all peasants to rent. Owning is so Borgeoise, unless you are a BLM leader.
There’s no plan from the federal government that has actual meaningful direction to help its citizens. The MPs only care about getting re-elected and preserving their cushy pensions so they can afford to live in Canada in luxury for the rest of their lives, while the rest of us work for scraps, and hope for CPP and OAS.
This government only wants its citizens alive enough to vote for them and pump them for tax dollars. The government otherwise does not care about it citizens to help them actually thrive.
Oh, and fun fact – because of the crazy federal government spending, the government needs many new immigrants to fund CPP, OAS, pay taxes and, you guessed it, pay for important government workers’ pensions. But just as you’ve described, the recent savvy immigrants who were promised a better life have realized it’s a scam, and skip or leave Canada for the U.S. or other places.
So sadly, I do see where this brilliant plan is headed – to the Canadian economy being comprised of people trying to sell houses to each other to fund each other’s retirement because OAS and CPP have been cut/severely reduced.
You are absolutely right. I would imagine that young Canadians are also looking to the U.S. for better prospects as well.
Vote this guy out ASAP. I’m afraid for Canada, it’s being run by such incompetent people. So if I decide to bid an insane price, they will protect my investment and not let it drop 10%!? And then they will purchase mortgage bonds from banks to increase lending? And they will put more incentives for new home buyers?
How long will they manipulate this market to the moon?
They are sending the message that housing is “too big to fail” and will always be rescued by the government, so more people will speculate.
P.s. if equity in homes fall, it doesnt change much, people that decided to pay the price they paid will continue paying their mortgage.
After hearing this guy, I was wrong i missed politicians of India due to which i thought to migrate. Future is bleak if govt will just keep pumping all stuff. I came here not to take 1million dollar loan and die paying for same. I came here to have peace of mind so that i can do something better in my technology job for which i had spent studying 5-7years in university.
Now I am browing all news waiting for a crash which would never happen as these politicians will do all not to let it happen..
Wow. MP Adam Vaughan should be fired as he clearly is putting the interest of non-Canadians before Canadians. I know of a number of home owners who would be perfectly ok loosing 10% equity (often more) in their homes so their kids and grandkids have the possibly of ownership in the future.
This is absolutely disgusting and I wish there was a way that politicians were truly held accountable for their actions and inactions.
Keep this guy in! Why would I want my house investment to drop in price!!?? You must be kidding! At least this government is trying to protect Canadians who depend on their house sustaining it’s value.
People who think that they deserve to retire by going to the bank and buying a house are what’s wrong with Canada. Housing is consumption. Save and invest to generate cash flow to pay for the things you need in retirement or YOU DON’T GET TO RETIRE. It’s as easy as that.
The problem here is that our housing market makes Canadians borrow all their future earnings and pay to live somewhere because idiots like this guy are pulling the strings. After competing with foreign interests and speculators, there is no money left in the typical pocket for retirement so everyone just tows the line and borrows more to buy more to increase prices so that they can borrow more to buy more ad infinitum on the hope that they will be able to downsize into a comfortable retirement. Bullshit.
They will downsize into a country owned by foreign interests. What do you think we ship to other countries to pay for all the imports we buy? (this is necessary to maintain a somewhat equal trade balance) HOUSES. We are literally exporting the land we live on because we can’t think of any other way to pay for stuff from Walmart. The government funds loans with printed money for Canadians because there isn’t enough investment in jobs so that Canadians can earn incomes that are high enough to pay for houses in our own country. Remember what I sand we aren’t doing because we spend too much on housing? That’s right – investment.
Don’t you think it would be a better idea as a country to make things people want, pay CANADIANS to make them, sell those things abroad so that Canadians can pay for a house with a CANADIAN income and a reasonable mortgage.
That sums it up. Well said Nan. Canadians are about to realize that just because their house is worth a couple million they are not millionaires. Maybe lose that Maserati so you can buy food without using your HELOC.
If everyone you know is a millionaire it’s not that big a deal. And unless you’re a 23 year old NHL star you can’t afford to live like one.
Good luck trying to change 40 years of dedicated policy from both sides of the political elite at this point. Industrial capitalism has been overtaken by financialization. How long will this last? Hard to say. You can have a neo-feudal economy and it can last as long as there isn’t a catastrophe like 2008 on a wider scale. We’ll see. But I don’t want much of my savings in Canadian “markets.” The empire down south of us will do just fine.
That’s cute you think this government is trying to “protect Canadians who depend on their house sustaining it’s value”.
They’re not. They’re protecting their own interest. And given you’ve stated this is your investment, NOT home, makes me question your position in this. I am hard pressed to think of anyone I know who currently owns (which is most people I know) who are happy with the high evaluations. Most DO want prices to come back down and agree it’s too high to be sustainable in the long run.
But, I guess you’re not one of them. Likely due to greed since you view this as an investment rather then a home.
I’d prefer our government to actually invest in Canada and Canadians, not sell us out to the world.
Nan summed up potential fallout quite well. As prices go up, more and more people (including talent) will leave Canada for greener pastures. We’ll loose whatever minimal innovation, entrepreneurs, and good investments we have. We’ll become even more dependant on housing (and associated industries). And as prices go up, fewer people will have kids bc they can’t afford it, the list goes on and on. It’s not healthy, and it’s not sustainable for Canadian life as we know it.
Yes, the world revolves around you and what you want. Sheesh!
I sense that what’s to come will make Occupy Wall Street seem tame. This is the Fourth Turning playing out. This path of everything is too big to fail eventually fails.
More young people are needed in government. It’s really ridiculous that old people with less stake in the future make the rules.
Indeed. In case anyone is wondering about the 4th Turning, order Neil Howe’s book by the same name. It was written in 1997 but absolutely relevant to today. In addition, there are many recent interviews and presentations by Neil Howe on YouTube on the subject. The gist is, the current abusive relationship of rich Boomers defecating on impoverished Millennials cannot continue forever. Society and generations move in cycles, and we’re about due for the pendulum to swing the other way.
The problem with the OWS movement was that it was completely disorganized. It proved the case that the generation has no ability to substantively fight back. I cant imagine what an ‘un-tame’ movement would look like, just a larger, wilder failure?
It looks like people actually getting out there and FSU rather than just camping in a park. Did you see the anti-lockdown protest in Montreal? Imagine that, but much, much rougher and in every city, every night. The new generation in big cities aren’t of passive anglo Canadian stock. A lot of them are from countries where people aren’t afraid to get in the streets, and good for them. Some violence keeps governments honest. If you can’t get your piece, you can still smash somebody else’s.
It’s not gonna be about “fixing the system” or “making changes,” it’s just gonna be making others feel your pain.
I get Adam was trying to do – tap dance his way into making all potential voters happy to vote Liberal again – but he just said a whole lot of blather that is typical of politicians. Great, thanks, I get it – you want to be re-elected. Now say AND DO something constructive and helpful.
And my directive doesn’t just apply to you, Adam – this applies to ALL Liberal MPs who want to blow loads of money on citizens to keep us voting for you (bread and circuses, anyone?) but have no real plan to get our economy into shape so it’s not the laughingstock of the world. The Liberal party just cares about getting re-elected, so it’s kicking the real estate can down the road so it doesn’t have to deal with it. When the SHTF, it will then blame all the provincial governments. LOL!
What is going on is truly stupid. I don’t like that word in the classic sense. Here it represents a combination ignorance and arrogance.
Do we believe that Canada is immune to global financial forces?
When the catalyst hits it will destroy this country.
Congrats boomers keep complaining about mellinelials and their avacoda toast. While you take the great previleage of destroying the best country in the world because you are incapable of feeling discomfort.
This has been the problem in Canadian real estate all along – the government has deemed it an asset class that will not fall in value. Based on this public statement why would you invest your money in a GIC or bond? The government just went on record saying they will not let house prices fall – they just guaranteed your money. This is the fundamental flaw and why house pricing will continue to sky rocket – basic economics would tell you that return on investment is balanced by risk, if I have a risk-free asset class why would I invest in anything else.
To make this transformation complete I would expect to see colleges and universities begin to focus classes solely on real estate, as Canada has decided we will not focus on anything else to grow GDP.
Minister of Housing should talk to the Minister of Education to make Real Estate mandatory part of the school curriculum from Grade 1, essentially that’s what we would our kids to excel at – how to buy and sell houses to each other.
I don’t see any good reason to raise a family in Canada.
Problem is, corrupt, POS Turdo refuses to remove the POS chinese c*** from his yap !!!!!!!!!!!!!!!!!!!!!!
So after years of working hard and saving hard for a substantial downpayment I’m shut out of buying a house in my community in Southern Ontario. Now I can’t afford to pay the speculators , the mordage brokers, real estate agents , the banks ,the governments of all kinds,
the retirement fund of previous owners and God knows who … How about I take my savings and move out … May be out of Canada all together … Let whoever made the mess sort it out without me .
Exactly how I feel, Ron.
Adam did an interview on BNN where he was challenged on the statements he made in the TVO interview. He walked back a lot of statements after he got roasted on Twitter. One thing remained constant, the talk of bridging the gap between income and home prices without bringing down home prices. That would suggest the federal government wants to somehow increase everyone’s income, avoid overall inflation and keep interest rates low at the same time.
How is that going to be possible if more money is being funneled into real estate investments than other parts of the economy?
Wow this guy is a clown and a fraud and an enemy of the Canadian people.
Well that seals the deal.
Canada is not a country for second chances. Something goes wrong… your long term career ends, you have a chronic illness?? Sorry, back of the line… there is no coming back. After illness, divorce (leading to bankruptcy) and loss of a long term career, there is no possible way of recovering.
Just look at how poorly Canada treats seniors… if you’re poor or sick, there are nothing but failing social services.
And don’t kid yourself about Canada’s health care system… Great for mending broken arms and having free babies, but if you need to see a specialist or have a more serious issue?? Back of the line… you can wait months to years to see a specialist. In fact, just getting a competent GP in this country is hard.
People who are protecting the housing industry from collapse are really just passive aggressive killers.
This is what’s really killing me. A society without second chances.
I am an older Millennial, and “should” have been able to buy earlier, but I made some mistakes and also had some things happen to me beyond my control. But I’ve fixed the mistakes and I’ve recovered from the things beyond my control. I’m not drinking and most of the way out of debt and have what SHOULD be a reasonable downpayment and a pretty job that I’m pretty good at. My credit is repaired. I’m stable.
But because I was a fuckup at 27 and unlucky at 33, I just get locked out of the market forever? That’s no way to run a country.
Don’t forget all of our taxes will be going up to pay for this clusterf**k directly or indirectly.
CHMC requires a bailout, no worries. Carbon tax increases, no worries. HST eventually going up, no worries. Anti-money laundering initiatives, lets cut that budget. Your all welcome!!
Oh my god they want to make Canada like Australia. They will price out everyone (houses will go to 4-5 million) and justify it by making minimum wage $20 bucks an hour. Australia sucks balls. Why are people voting for this ??!
F**k!!! Never voting for this liberal regime again in my lifetime.
Young people vote for a change.
That’s treason right ? Sacrifice locals for foreign investors ? And we are fine with it , what a world!
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