Call me a pessimist, but I don’t think housing prices are ever going to get better in Canada, at least in our lifetimes. There is no “bubble”, prices are not going to come crashing down one day, and millennials, gen Z, and those that come after are not going to ever stumble into some kind of golden window to buy a home. The best window is today. In 5, 10, 20 years or whatever, house prices are just going to be even more insane. More and more permanent homes are being converted into rentals and Air B&Bs, the rate at which new homes are being built is not even close to matching the increasing demand for them, and Canada’s economy is too reliant on its real estate market for it to ever go bust. It didn’t happen in ’08, its not happening now during the pandemic, and its not going to happen anytime in the foreseeable future. This is just the reality.
I see people on reddit ask, “but what’s going to happen when most of the young working generation can no longer afford homes, surely prices have to come down then?”. LOL no. Wealthy investors will still be more than happy to buy those homes and rent them back to you. The economy does not care if YOU can buy a home, only if SOMEONE will buy it. There will continue to be no stop to landlords and foreign speculators looking for new homes to add to their list. Then when they profit off of those homes they will buy more properties and the cycle continues.
So what’s going to happen instead? I think the far more likely outcome is that there is going to be a gradual shift in our societal view of home ownership, one that I would argue has already started. Currently, many people view home ownership as a milestone one is meant to reach as they settle into their adult lives. I don’t think future generations will have the privilege of thinking this way. I think that many will adopt the perception that renting for life is simply the norm, and home ownership, while nice, is a privilege reserved for the wealthy, like owning a summer home or a boat. Young people are just going to have to accept that they are not a part of the game. At best they will have to rely on their parents being homeowners themselves to have a chance of owning property once they pass on.
I know this all sounds pretty glum and if someone want to shed some positive light on the situation then by all means please do, but I’m completely disillusioned with home ownership at this point.
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