Isn’t it a good thing that there’s surplus homes? The principle of single home ownership is outdated in a reality where vacation homes exist, transportation between cities is fast and inexpensive, and family may live a few hours away from you.
It’s certainly much better than the housing crunch Canada is going through.
Unfortunately, many of these surplus homes were bought as an investment. Not just ONE investment among many, but literally the life savings of an entire family, across multiple generations. Now that property prices and demand are crashing, that means entire swathes of the population are on the verge of losing their entire savings and retirement fund. Not just one or two members of a family, but entire families together are facing the prospect of losing everything.
It’s not much better or worse than the housing crunches elsewhere, it’s just an entirely different situation and dynamic.
Often the quality of the buildings is below sub-par and, frankly, dangerous.
Also it’s not entirely impossible that Canada has a housing surplus that is simply kept off the market for regular folk because that’ll earn the ghouls in charge more money
Isn’t it a good thing that there’s surplus homes? The principle of single home ownership is outdated in a reality where vacation homes exist, transportation between cities is fast and inexpensive, and family may live a few hours away from you.
It’s certainly much better than the housing crunch Canada is going through.
Unfortunately, many of these surplus homes were bought as an investment. Not just ONE investment among many, but literally the life savings of an entire family, across multiple generations. Now that property prices and demand are crashing, that means entire swathes of the population are on the verge of losing their entire savings and retirement fund. Not just one or two members of a family, but entire families together are facing the prospect of losing everything.
It’s not much better or worse than the housing crunches elsewhere, it’s just an entirely different situation and dynamic.
Often the quality of the buildings is below sub-par and, frankly, dangerous.
Also it’s not entirely impossible that Canada has a housing surplus that is simply kept off the market for regular folk because that’ll earn the ghouls in charge more money
“Often” according to what numbers? You can’t make a claim on frequency without statistics lol
Apparently I can! I just did!
It’s going to be pretty bad for the people who will lose their savings over this.