3 ms·
Where do the people who can no longer afford the high end go? And what about the people they displace when those people move into the "medium end"? There is on
by esja 10y ago
Where do the people who can no longer afford the high end go? And what about the people they displace when those people move into the "medium end"?
There is only one market for housing - over-paying at the top end causes a ripple effect which impacts everyone.
Aside from that, a lot of foreign money is buying existing property and not adding to the supply. In many cases properties are left empty, i.e. they are reducing supply.
- sanswork 10y agoTypically they buy land up in like Aurora/Stouffville and build their mansion there. >There is only one market for housing - over-paying at the top end causes a ripple effect which impacts everyone. This is wrong. There are lots of housing markets at all levels of cost and very few of them overlap. On the higher end if you can't buy your mansion in the area you want you're not going to be content with a slightly oversized house elsewhere. >Aside from that, a lot of foreign money is buying existing property and not adding to the supply. Maybe(reports indicate this is way below the level most Canadians think it is) but this isn't the billionaire class. They have too much money to get away with buying a bunch of houses. They have better ways to invest in property in Canada.