​Canada likely sitting on the largest housing bubble of all time: Strategist - BNN Bloomberg

For those people who are actually wishing for the bubble to burst, remember that's exactly what happened in 2008, and what happened back then. Literally the only people who won were the rich as they just bought out all the property that got severely discounted while other rich people got a massive payday from the government (aka regular Joe's tax dollars) for fucking up. And the bubble simply got restored because those rich people could afford to sit on unproductive products for a decade at a time because they knew that without a constantly increasing supply of housing, the prices will explode again because housing is a requirement, not a luxury.

And the losers was everybody who doesn't make 7 figures or more. People's retirements were crushed, their savings crushed, their existing lives crushed. And the economy was set back for years and inflation skyrocketed for a little while, which never came back down.

And in places where such housing bubbles really burst, Japan hasn't seen any growth for 30 years. They're still in what they all the Lost Generation, because they realized that calling it the Lost Decade was premature and it didn't end in 10 years. We're watching China's housing implode on itself right now with hundreds of thousands of people losing their entire investments and retirement savings. We're watching 80 year olds going back to work so that they don't starve to death while youth unemployment reaches levels so insane that they'll take a job that only pays under the table because the company can't afford to pay minimum wage!

You want a dystopia, you'll get it if the bubble bursts. You'll also get it if the bubble continues to inflate.

So the only solution is to slowly deflate the bubble by increasing housing construction so that it outpaces demand in a controlled manner until the prices come back down to something reasonable, then to continue keeping pace. And for that, we need the political will for both government subsidized housing and a overhaul of zoning laws to allow for mixed-use residential to replace all residential zoning.

Detached single family housing don't belong in major cities, and suburbs shouldn't be subsidized by the downtown core.

When I read stuff like this I often wonder why nothing is mentioned about Canada's lax laws on foreign ownership of multiple properties and failure to verify the legality of these owners' funds.

Because that's what started this shit show in the 90's and nothing has been fixed.

I’m ready for this bubble to pop.

Even though I had to pay though the nose to buy a house years ago, I hope for a crash so that people are not screwed forever more.

What I find really odd is the commercial market in smaller towns, its cheap as shit.

What is bnnbloomberg, anyway? I see them in my feed sometimes and they have highly-produced news, but they don't seem to have a lot of it, which makes me feel like it is carefully targeted (ie propaganda)