So it’s official, we are experiencing a fully declared Seller’s Market – something which a certain group of people knew, well before reading this article. Yes, I speak of the ones who have bought a home since the beginning of January and those who have been actively trying to buy one and have not been successful. That second half (whom we shall call “the frustrated”) contain some sub-groups; tenants (obviously) and, the “we’re leaving for …*” *(insert as appropriate any of the following – ‘the hills’, Mexico, the lake, Cuba,, Chilliwack, a sunny desert island, Mom and Dad’s basement, a houseboat, Grandma’s house, Timbuctu, a campsite, 163 and a half mile house, “hermitsville”, Antigonish, etcetera) ….And then there are the diehards who will buy at some point at a higher price than they had expected and likely with a higher level of family debt.
Yes, frustration abounds but hopefully will not turn into depression. This sentiment is not expressed without feeling, but rather contains much empathy for those who never thought it could or would happen. To rely on government (at whatever level) to bring some affordability to this exercise is to take this frustration to a more advanced level and is akin to a lottery of sorts. If this were the solution, it would only be a temporary one until those who have not yet ‘won a draw’ rose up to join past WINNERS OF THE DRAW. That group’s restricted size will eventually be contained as government hits the financial limit of its ( or is that the public’s ) generosity.
Blaming immigrants for increasing the demand on local housing is one outlet for this frustration but a somewhat specious argument, living as we do in a nation of immigrants (or the offspring of immigrants). Another point – again a jab at Government (by we the ones who elected them and now conveniently berate them!). The “governments” are now becoming late adoptees of the “how come are foreign investors not becoming Citizens (or often not even residents)” viewpoint. Is some ‘stable door closing’ being contemplated after the non-Canadian investor demand has been somewhat satiated and prices have risen to an all time high.