Comments on: BOC Governor Says Canada Will Lean On Real Estate Because “We Need The Growth”

By: anthony caldwell

anthony caldwell — Sun, 28 Feb 2021 19:38:40 +0000

I couldn’t agree more with the bulk of the comments – unsustainable growth, an economy based real estate to the highest offshore bidder. We prostitute our country, our land to make up for feeble economic leadership. Meantime the cost of simple housing and of home ownership for the average Canadian is needlessly far too high. A lifetime of debt and of diminished quality of life is all that the majority, the working class have to look forward to.
A partial fix, although very painful, would be higher interest rates. I think they are needed to cool housing prices and to reduce the actual dollar measured debt that people are taking on.
In the end whatever is done (if government even does do anything), should be measured or rolled out in a way that it works for modest and average income earners and is not to the benefit of the top 10% or offshore investors.

By: Tomi

Tomi — Sun, 28 Feb 2021 03:13:49 +0000

In reply to Sam.

TD becomes first major bank to hike fixed five-year mortgage

https://www.theglobeandmail.com/investing/personal-finance/household-finances/article-td-becomes-first-major-bank-to-hike-fixed-five-year-mortgage-rate-amid/#:~:text=TD%20Canada%20Trust%20was%20the,highest%20it's%20been%20since%20September.

By: JW

JW — Fri, 26 Feb 2021 23:56:01 +0000

Another tone deaf white guy running our central bank. Great.

Has anyone at the BOC and GOC looked into how much of the CERB payments went into the hands of “property investors.”

My point is, every time the cost of housing goes up, working Canadians have to say bye bye to their hard earned loonies. I have had 7 landlords in my life. All but one lived overseas. I have been punted out of house after house thanks to buying and selling of homes.

So not only do I have a diminished quality of life, having to live like a nomad, but my money cannot be recycled into the economy, instead it’s deposited into some account where it’s presumably funneled offshore.

This is very short sighted. Millennials will need to have some pocket change to help rebuild the economy. How are we going to do that when we are maying 2K a month for a one bedroom?

By: SJ Mc

SJ Mc — Fri, 26 Feb 2021 15:43:20 +0000

I live in suburban Vancouver and there are literally a dozen high rise condos going up within a kilometre of my 1 bedroom rental. If I move out the REIT that owns all the buildings I live in will put in new flooring and cabinets and double the rent. Rents are already Un affordable to anyone making under $60k a year and buying is not an option because prices have doubled in 5 years for the same crappy condos.

So the Ponzi scheme goes on, offshore buyers and AirBznB slumlords keep leveraging and buying and the Libs keep inviting millions of new immigrants to fill up the towers.

How horribly this country has lost its way – unsustainable growth that’s destroying the working class .

By: Alison

Alison — Fri, 26 Feb 2021 12:49:20 +0000

I work in the social service field and never before have I seen this level of homelessness, nor working class families unable to afford their homes or find homes. Particularly the working class families reaching out for help, the requests are through the roof. We are so worried about this trajectory

By: Mr.Soldtoosoon

Mr.Soldtoosoon — Fri, 26 Feb 2021 05:42:46 +0000

Anyone care to make predic as to when this market will stop the upward rise and or when BOC will raise rates again?

By: SH

SH — Fri, 26 Feb 2021 02:11:48 +0000

In reply to Gerry. Spot on. To add to your comment, the best and brightest young Canadians will pack up and leave. There are better opportunities in virtually any other Western democracy. Canada is the bottom of the barrel. As a result, the young generation that remains in Canada will be proportionately lower skilled and less easily employed, which further compounds the inequality in a vicious circle.

By: Jose

Jose — Fri, 26 Feb 2021 00:47:34 +0000

In reply to Gerry. Absolutely agree with you. Short-sighted

By: Brent

Brent — Thu, 25 Feb 2021 22:39:33 +0000

In reply to Gerry. Yes, no enough people considering the social instability and further loss of trust in public institutions. We need leaders with integrity and willingness to go against insiders, even if it is against their own personal interests.

By: Jason

Jason — Thu, 25 Feb 2021 22:03:02 +0000

In reply to Jason. But more importantly it all comes down the to over leveraging and debt burden that will cause the coming depression.