I would generally agree. For me, it’s about having policy which emphasizes single family residential real estate for resident Canadians first, as well as policy which incentivizes the use of residential real estate as housing over the long term, and not as a speculative commodity and/or post-construction profit vehicle.

Federally, perhaps it’s time to look at: (a) restricting home ownership only to named, resident Canadian citizens (i.e. persons with a Social Insurance Number, which is verified at time of purchase and registered on title); (b) forced divestiture of single family residential real estate currently held by any entity that isn’t named citizen; and (c) increasing capital gains on non-principal housing up to 100% of the gain (up from the current 50%), as well as the capital gain being levied annually on owner’s income tax filing (since ownership would be easily associated with individual named citizens based (a) above) and/or every time a named individual is taken off title.

Provincially, how about more efficient regulation of the real estate sales profession: forbidding split-commission based compensation for agents / brokerages, instead mandating a fee-for-service structure (i.e. per hour charge rate), with services and quality standards specifically spelled out in contract, and each agent/brokerage requiring to be paid by each of their respectively clients directly.

In my view, lots of ‘cascading benefits’ if the above are implemented, in terms of controlling excess liquidity and the presence of non-essential demand in the marketplace.

Where’s the like button for this app?!?

So many financially illiterate buyers out there that can’t understand we don’t need double digit rates of 1980s-90s to crash this RE market.

They can’t even fathom minor interest rate hikes like every 100bps hike equals to 11% increase in payment.

Fixed rates renewals from 2018-2019 will see 200+bps increases = 22+% higher payment

Possibly – the start of the dead cat bounce (Just a theory).

And yet nobody asks these obvious questions in major media like CBC/CTV/Global.

It’s all the money laundering allowed into Canada now that’s still buying them. Canada has the weakest money laundering rules in the world. The US protects itself and has strict punishment but Canadian government enjoys the criminal/dirty cash coming into our country to keep the housing market going while average Canadians can’t afford a home and even a lot of investors will struggle now.

Exactly my thoughts Ray. Who in the world is buying these overpriced properties??? Even a house in the middle of nowhere, more like a cottage anywhere 200 km out of the GTA, easily lists for over $800,000 and some dumba$$ always buys it!!! Prices have not come down. It is just an optical illusion. Homes list well above what they expect to sell for, knowingly, and make the buyers feel like they are getting a deal by reducing the listing price to somewhere between last year’s price and the currently hyperinflated prices. Prices keep going up… just more crappy, shoddy homes selling for higher prices bringing the mean up… take a look at what you can buy for the average purchase price now and compare it with what you could purchase for that price a year ago…
Please raise interest rates and crash this hyperinflated RE market. Pop the balloon for once and for all!