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2,600 new homes to be sold at 60% market value in Vancouver (www.cbc.ca)

submitted 1 month ago by [email protected] to c/[email protected]

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"For too long, the idea of home ownership has been out of reach for way too many people — people who earn a decent income, who are priced out of the market and do not see any path to home ownership," said Premier David Eby, speaking at the project unveiling on Thursday.

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[–] [email protected] 13 points 1 month ago (1 children)

Every single policy is crafted so as to not harm the actual value of existing homes.

I will repeat something I've already said hundreds of times, you cannot have both affordable homes, and home prices that keep going up.

Even if we managed to stop the prices so they never rise again, it would take the better part of a century to make them affordable through just wage growth.

The only realistic path to affordable housing, is by causing ALL home prices to fall. Which is the exact reason we never implement policies that will actually solve the problem, there are too many home owners who will not vote for a party that slashes their house value by 50% (and we actually need around a 80-90% drop to make them affordable in some markets)

[–] [email protected] 2 points 1 month ago (1 children)

Homeowners are a massive voting bloc.

We’re completely fucked. There’s no way an elected government can address this.

[–] [email protected] 4 points 1 month ago

No elected government can address this at this point in time.

Give it 20-30 years for the home ownership rate to drop and things will change, unfortunately that's too late for at least two generations of people.

[–] [email protected] 6 points 1 month ago* (last edited 1 month ago)

It's absolutely insane that market value of a studio is over $600,000.

[–] [email protected] 4 points 1 month ago

60% market value, meaning they're only over-valued by 6,000%!

[–] [email protected] -1 points 1 month ago

It can't be fixed without government cutting taxes on construction and eliminating regulations on single family houses that also add to the costs along with fees and taxes on building homes.