Yeah we would love to have a cottage/ holiday home. I used to wonder how the previous generation could afford it, and that was before the housing market went insane. Now it's absurd to think about. I don't think you could find a cottage in Canada for even 300k anymore unless you drove 12 hours north to the areas that only have dirt roads and you need a 4x4 truck to get to.
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It's kinda the same here. Everyone was go on a staycation we think it would be grand to have as little cottage or flat near the sea. Then we look at the prices and curse the Airbnb revolution
Yeah it's pretty crazy. I wonder how it compares to Canada since this country is exceptionally bad. Let's see if I can find something other than annicdotal stories of the new generation not being able to buy a 500-700k starter home condo, or banks implementing 70 year mortgages to make home ownership possible...
Most countries made a major correction after the 2008 housing crash and then gradually increased over the next 12 years. Canada was like hold my beer I'm going to blow the roof off this ceiling...
Wow, that is bad!!
How the hell can that be!? I thought we were the worst here. Looks like Japan has it right!
There are a lot of reasons here but a big one is our immigration policy, which is 500k new residents per year, and that has been going on for many years. So, supply and demand. Homes are being bought as fast as they are being built. There are other factors as well though - foreign investors, money laundering, and even just Canadian culture and peoples ideas around home ownership.
It's finally starting to shift though because they are raising the mortgage rates rapidly. They went from 2-3% to 5-7% in just a few years. Haha it's pretty fuckity.
Yeah Japan has it right. Slow but steady growth would be nice, just to outpace inflation by a little. Not crazy hyper covid inflation but the regular kind.