4 ms·

It's amazing to me how some people are so entrenched in believing that foreigners are to blame that they will perform such mental gymnastics. The Myth of 1.3 M

by msie 5y ago

It's amazing to me how some people are so entrenched in believing that foreigners are to blame that they will perform such mental gymnastics. The Myth of 1.3 Million Vacant Investor Homes in Canada: https://www.youtube.com/watch?v=evYOhpjMql0&t=6s https://www.youtube.com/watch?v=evYOhpjMql0&t=6s

ehsankia 5y ago
Another great video, with a quick reference to Oh The Urbanity https://youtu.be/6OZJClSdZ28 https://youtu.be/6OZJClSdZ28
tempestn 5y ago
That's a great video, and I agree with the points made - essentially that affordability is mostly a supply problem. That said, I don't think your parent was blaming foreigners, but just noting that even if foreign buyers made up a small percentage of the total, reducing that demand could still impact prices.
incomingpain 5y ago
>It's amazing to me how some people are so entrenched in believing that foreigners are to blame that they will perform such mental gymnastics. Imagine you're a boomer who is about to retire. You told your advisor to go into safe investments but you're not going into savings accounts, money market, or bonds. Maybe you pick up some corporate bonds? But that's higher risk. Once you eliminate all these negative yielding options... you're really just left with real estate. Then you look at Canada's economic breakdown. Oil/Gas industry is under constant attack by the federal government. Manufacturing in quebec and ontario has practically died. The only things holding Canada together economically is Finance, Insurance, and Real Estate. FIRE. The only thing holding Canada's economy from being in a depression is banks and insurance on over priced real estate. As a politician, you dont dare touch the housing market. If that explodes, you take the blame AND you have to actually fix the economy? lol!

4 ms·

It's amazing to me how some people are so entrenched in believing that foreigners are to blame that they will perform such mental gymnastics. The Myth of 1.3 M

by msie 5y ago

ehsankia 5y ago
Another great video, with a quick reference to Oh The Urbanity https://youtu.be/6OZJClSdZ28 https://youtu.be/6OZJClSdZ28
tempestn 5y ago
That's a great video, and I agree with the points made - essentially that affordability is mostly a supply problem. That said, I don't think your parent was blaming foreigners, but just noting that even if foreign buyers made up a small percentage of the total, reducing that demand could still impact prices.
incomingpain 5y ago
>It's amazing to me how some people are so entrenched in believing that foreigners are to blame that they will perform such mental gymnastics. Imagine you're a boomer who is about to retire. You told your advisor to go into safe investments but you're not going into savings accounts, money market, or bonds. Maybe you pick up some corporate bonds? But that's higher risk. Once you eliminate all these negative yielding options... you're really just left with real estate. Then you look at Canada's economic breakdown. Oil/Gas industry is under constant attack by the federal government. Manufacturing in quebec and ontario has practically died. The only things holding Canada together economically is Finance, Insurance, and Real Estate. FIRE. The only thing holding Canada's economy from being in a depression is banks and insurance on over priced real estate. As a politician, you dont dare touch the housing market. If that explodes, you take the blame AND you have to actually fix the economy? lol!