Canada’s political and media class has spent years chasing convenient villains to blame for the housing crisis, pointing the finger at foreign buyers, immigrants, supply shortages, zoning rules, or an overheated market.
Canada’s political and media class has spent years chasing convenient villains to blame for the housing crisis, pointing the finger at foreign buyers, immigrants, supply shortages, zoning rules, or an overheated market.
This is an absolutely stupid take, especially considering the rough evidence we can literally see with our own eyes at this point.
Vancouver’s housing prices are down ~4% this year, and have been edging down since ~2022. Rents have also been coming down, ever since the liberals reversed their policy on immigration.
“It’s the banks!”… bullshit. It was the immigration situation, with 99% of our population growth from immigration, housing supply couldn’t keep up, and locals got priced out. House prices and Rent prices have reversed course ever since they massively clipped immigration. We need immigration, of course, but not at the levels that the Liberals had jacked it up to for so long.