this post was submitted on 14 May 2025
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The scary part is even on the surface, a meaningful reduction in housing prices would have pretty rough consequences for us economically. We've spent 40 years building our entire financial system to the point where the majority of the median citizen's net worth is in their home's equity. Seeing any short term devaluation of housing in a significant way would effectively be reducing the median citizens ability to retire.
Probably the best we can hope for is price stagnation and modest but consistent decreases in housing prices while we decouple our economy from the false growth of real estate.
That and make wages catch up with inflation. Deflation causes all sorts of problems but driving wages up just makes people wealthier.
We'll just have to get used to bigger numbers.
That'll take decades in a lot of areas.
In the meantime, you're gonna have a lot of angry young Canadians spending lots of money on rent, and failing to save for retirement.
Indeed - stagnate prices and drive wage increases until the ratio is back down.