this post was submitted on 14 Aug 2023
44 points (87.9% liked)
Canada
7226 readers
435 users here now
What's going on Canada?
Communities
๐ Meta
๐บ๏ธ Provinces / Territories
- Alberta
- British Columbia
- Manitoba
- New Brunswick
- Newfoundland and Labrador
- Northwest Territories
- Nova Scotia
- Nunavut
- Ontario
- Prince Edward Island
- Quebec
- Saskatchewan
- Yukon
๐๏ธ Cities / Local Communities
- Calgary (AB)
- Edmonton (AB)
- Greater Sudbury (ON)
- Halifax (NS)
- Hamilton (ON)
- Kootenays (BC)
- London (ON)
- Mississauga (ON)
- Montreal (QC)
- Nanaimo (BC)
- Oceanside (BC)
- Ottawa (ON)
- Port Alberni (BC)
- Regina (SK)
- Saskatoon (SK)
- Thunder Bay (ON)
- Toronto (ON)
- Vancouver (BC)
- Vancouver Island (BC)
- Victoria (BC)
- Waterloo (ON)
- Winnipeg (MB)
๐ Sports
Hockey
- List of All Teams: Post on /c/hockey
- General Community: /c/Hockey
- Calgary Flames
- Edmonton Oilers
- Montrรฉal Canadiens
- Ottawa Senators
- Toronto Maple Leafs
- Vancouver Canucks
- Winnipeg Jets
Football (NFL)
- List of All Teams:
unknown
Football (CFL)
- List of All Teams:
unknown
Baseball
- List of All Teams:
unknown - Toronto Blue Jays
Basketball
- List of All Teams:
unknown - Toronto Raptors
Soccer
- List of All Teams:
unknown - General Community: /c/CanadaSoccer
- Toronto FC
๐ป Universities
๐ต Finance / Shopping
- Personal Finance Canada
- BAPCSalesCanada
- Canadian Investor
- Buy Canadian
- Quebec Finance
- Churning Canada
๐ฃ๏ธ Politics
- Canada Politics
- General:
- By Province:
๐ Social and Culture
Rules
Reminder that the rules for lemmy.ca also apply here. See the sidebar on the homepage:
founded 4 years ago
MODERATORS
you are viewing a single comment's thread
view the rest of the comments
view the rest of the comments
Ooh, a possible early sign, after eight years in government, that they might be thinking about maybe planning to perhaps prioritize housing slightly a bit, fairly soonish, all else being equal and weather permitting!
They don't want to move too quickly...
What would happen to your finances if your property value went down?
If my property value went down, not much. It is paid for and I don't plan on going anywhere, so whatever paper value it has is inconsequential. If anything, it would improve my operating finances as my tax burden would decrease.
If everyone's property values went down, things would look grim. A large segment of property owners are in debt up to their eyeballs and a decline in value can soon see them underwater, putting them on the verge of bankruptcy. Once they feel the trouble they are going to stop buying the goods and services I sell them.
So regarding your statement here:
So if your property value decreased you'd still be better off than any renters would be.
If you want to talk about how hard it is, don't even mention renters because the comparison makes your situation look rosy.
I'd love to have a concrete asset worth hundreds of thousands to back me up, but instead I have to spend 60% of my paycheck on somebody else's mortgage payments and I don't even get to own anything for all that money I'm spending.
Did your house burn down and you didn't have insurance to rebuild or how the hell did you manage that? The market has softened a little, but not that much. Well, maybe if it was a $30,000,000 home?
Saying the liberals are in a tough spot because they have to choose between helping renters who have no assets and owners who have hundreds of thousands is obviously going to raise a comparison.
It doesn't seem like a tough choice from where I'm standing. People like you will recover over time. But people who don't own homes have nothing to recover. So it's pretty obvious who needs the help.
But that's only true if your property value went down, but absolutely no one else's did.
If property values went down across the board, your ability to do all those things would be basically unaffected.
For most people, nothing. The amount owing is always less than the value of the home in Canada. The economic bubble in the US was caused by people mortgaging 100+% of the value of a house. You'd get people with marginal income financing 100%, plus borrowing an extra $50k or $100k to "make improvements". No wonder that went down in a ball of flames that almost toppled the US economy.
Just gotta get a few things together and see how some stuff plays out but totally thinking about taking a good look at that soonish!
Well, over the past eight years housing was a provincial matter. Trudeau reminded us of that on the regular. How could they do anything?
But the constitution was rewritten yesterday... or something like that. I don't know. I'm not the Prime Minister.