this post was submitted on 21 Mar 2025
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Same shit different PM.
These people don't have the fucking cojones to do the right thing and just make foreign ownership of residential homes illegal. And make it illegal to have investment vehicles based on residential properties like ETFs. And straight up make it illegal for a publicly traded company to own residential property. And limit ownership of residential properties per person. And ban AirBnB and the like.
But nooooo. Just make it even cheaper for the already wealthy people to buy even more peppery.
I generally agree with you, but there's some complexity.
Change all those things too quickly and housing plummets in value. That's great for buyers, but bad for sellers. Some old people have most of their life savings wrapped up in their houses, and some are even using reverse mortgages to make ends meet.
At the least though, they should tax those things, and ramp up the taxes so they're really painful. If an ultra-rich foreigner wants to own a house in Canada and is willing to pay huge taxes for that privilege, maybe that's OK because those taxes can be spent on housing solutions for everyone else.
Just like any form of investment, diversifying is important. If someone is 100% invested in Loblaws stock, do you expect the government to defend Loblaws to protect their investment just because they're relying on that to retire? The people made the choice to depend on a single volatile investment to retire, it means they took a chance that its value could drop.
Hell, it could happen for a bunch of other reasons, one bad neighbor fucking up their lot and your home loses value.
Yeah, Boomers getting special protections is kind of annoying.
A generation of millenials were told to go to post secondary no matter the cost and then when we did and incurred a ton of debt but the good jobs that were promised to us weren't there, the reaction was "oops, oh well, get fucked I guess".
Maybe if we stopped funneling a billion dollars into "managing" our CPP plan into poorer performance and used that money to increase CPP payouts instead, boomers could afford more of a hit on their housing.
I do wonder if another large contributing factor is that most of our MPs have conflicts of interest when it comes to the real estate market.
Not to burst your bubble buddy but it's not just boomers who reaped the benefits, the X and Y generations did as well. Many millennials are over 40 with a career, a house, a family, all the typical stuff boomers are known for. I'm under 40 and already sold a condo for profit and we sold a cottage for profit which allowed us to buy a bungalow that we can afford on a single income and that will be paid in by the time we turn 50.
Older millennial here. Boomers bought their homes in their 20s.
Guess how long it took me to afford my tiny condo?
I bought mine... In my 20s. Without help and with a middle class background.
So yeah, experiences vary but things are really getting bad since the end of the Y generation, but most of the Ys will have had it pretty great in comparison.
Bought mine at 39. In 2019. And was only able to afford it because I have a partner with whom I bought it, who suddenly received a huge amount in backpay.
As I said, experiences vary, but looking at statistics millennials are on average very well off and catching up on previous generations.
Yeah.... but much, much later in life. And only because now they have years of experience on the job can only now request better salaries. In their 40's! Half their life has gone by and only now are they getting slightly more comfortable financially.
But they're not as well off as you'd expect. Many have abandoned having kids and raising a family. Many are still priced out of the housing market. Many are still making sacrifices.
Those that are better off are most likely from more privileged families.
lol Were you just looking for a comment so you could flex about your property deals?
Personally, I'm a millennial and I'm okay -- we recently sold our starter home and we got way more than we were expecting for it. But it didn't make me feel "smart" it made me feel gross that the market seems so rigged.
I'm not talking about individuals, I'm talking about trends. The priority for housing should first and foremost be to house people.
No, I'm just saying that people might be complaining but millennials in general are way better off than those who came after them. If you look at wealth stats the average makes that plenty clear and I just gave my experience as a counter example to everyone that's complaining. Average background, still made it out comfortably.