Billions in 'unknown' funds flowing into Canada's housing market [video]

Re:Billions in 'unknown' funds flowing into Canada's housing... by mymythisisthis on Friday July 30, 2021 @09:07AM (#28007517)

I'm from Ontario, Canada. I find that it's average people getting into the real estate game as a way of protecting their wealth against inflation and not wanting to play the stock market.

People blame internation investors, but that is only a small problem.

People say we should build more homes, but Ontario already has 10s of thousands of approved homes to build, that have not yet been started. Lack of skilled trades. Developers that are just sitting on the permits as they finish other projects.

I think the simple solution is an extra tax on people that own more than 2 homes. An even higher tax if you own more than 3 homes, and so on. Keep increasing the tax rate, on each home a person owns.

[ Parent | on HN ]

Re:Billions in 'unknown' funds flowing into Canada's housing... by kenned3 on Friday July 30, 2021 @06:23PM (#28013161)

I'm also from Ontario.. I dont think this is the issue at all.

These stories are not referring to "growth in Ontario" but unoccupied multi-million dollar homes in Vancouver with questionable ownership, and paid in cash.

[ Parent | on HN ]

Re:Billions in 'unknown' funds flowing into Canada's housing... by michael1999 on Friday July 30, 2021 @10:56AM (#28008663)

Ontario grows by more than 100k people per year. 10s of thousands of homes/year is losing ground, not even treading water.

[ Parent | on HN ]

Re:Billions in 'unknown' funds flowing into Canada's housing... by flycaliguy on Friday July 30, 2021 @12:34PM (#28009712)

Yeah, there is a pretty well circulated blog post [1] explaining this population growth. Ontario just wasn’t ready to see this many people show up.

If anybody doesn’t make SV money and wants a good tip: Consider an early inheritance of your parent’s home if you can build them an addition. That’s what we are doing. Took out a small mortgage to buy out my sister and we are now raising a family with grandma nice and close. We’ll assist her through old age and the entire thing feels very, I don’t know, European I guess?

[1] https://mikepmoffatt.medium.com/ontarians-on-the-move-2021-e...

[ Parent | on HN ]

Re:Billions in 'unknown' funds flowing into Canada's housing... by michael1999 on Saturday July 31, 2021 @12:35PM (#28019588)

I used to blame the FLQ and the 1980 referendum. But Ontario has had 40 years to understand the new reality and Montreal _still_ has more subway than we do.

Good advice on co-housing - intergenerational sharing makes a ton of sense for so many reasons.

[ Parent | on HN ]