Waterloo Region’s red-hot housing market hits close to home for Wilmot Township Mayor Natasha Salonen.
Time to loosen zoning restrictions and say no to NIMBYs Ms. Mayor. *
Despite earning around $90,000 a year between her work as mayor, regional councillor and with the local electric utility, she says she can’t afford to buy a home in the municipality she leads.
* yeah, she's still paying off student loans, and I don't know what zoning restrictions are like in her community. But still.
Home owners loving those paper gains and won't realize it destroys the social fabric of their communities until it's too late.
Most home owners I know either
Don't want the gains, because they can't afford to buy a nicer place even if they sell their current place.
Are unhappy about growing mortgage payments.
Are worried about their kids being able to afford a place.
The gains only benefit people who can cash out and move away. Most homeowners (I know) wouldn't want to borrow against the house value because repayment is so expensive.
Well someone should tell them to vote that way.
There's a reason no party other than the greens will even dare speak of the fact that prices need to come down to increase affordability.
Homes became an investment when living near your workplace became a necessity. Any tool which facilities an income is going to naturally become an investment. That's what investment is.
The COVID thing decoupling some jobs from location has helped marginally – seeing a small decline in home values (although perhaps moving it to places where jobs were previously less commonly found) – but that can only get you so far. The vast majority of income sources are still location dependent.
That isn’t as bad as when minimum wage earners won’t be able to rent
Teachers and nurses make enough to warrant a commute and they have skilled jobs (required off site learning), a minimum wage earner can just go anywhere with and not only earn as much but also has way more job flexibility
Also Ontario already pays private nurses double (though it costs the province way more than that because of the ‘Ford friend fee’ I mean agency fee