It is a free market though, it’s even advantageous to people who don’t have that much money because they can still get a mortgage without a huge downpayment. Back before CMHC mortgages were private loans, the previous owner would be the one financing the new owner at whatever rate they felt was appropriate and at whatever downpayment they felt was appropriate. Today you need 5% and if your credit score is good enough then the bank can’t say no.
But you wouldn’t know that because you’re in Europe and you’re here talking about the Canadian housing market like you had any idea how it works.
I’m not saying that, I’m saying they people saying they want to see the bubble bursts and everything crash in Canada just don’t understand what would happen if it did and it would make the issues with the housing bubble look like a freaking joke and would create a lot more poverty and kill a whole lot more of those who are complaining now and it would solve absolutely nothing for these people in the long run because they would just have more people competing against them for cheap housing while the rich would snatch all the properties getting repossessed. More demand, less offer, we’re back to the same bubble in a couple of years with the average citizen even poorer than before, just like in the USA after 2008.
Removed by mod
It is a free market though, it’s even advantageous to people who don’t have that much money because they can still get a mortgage without a huge downpayment. Back before CMHC mortgages were private loans, the previous owner would be the one financing the new owner at whatever rate they felt was appropriate and at whatever downpayment they felt was appropriate. Today you need 5% and if your credit score is good enough then the bank can’t say no.
But you wouldn’t know that because you’re in Europe and you’re here talking about the Canadian housing market like you had any idea how it works.
Removed by mod
I’m not saying that, I’m saying they people saying they want to see the bubble bursts and everything crash in Canada just don’t understand what would happen if it did and it would make the issues with the housing bubble look like a freaking joke and would create a lot more poverty and kill a whole lot more of those who are complaining now and it would solve absolutely nothing for these people in the long run because they would just have more people competing against them for cheap housing while the rich would snatch all the properties getting repossessed. More demand, less offer, we’re back to the same bubble in a couple of years with the average citizen even poorer than before, just like in the USA after 2008.
Removed by mod
Then get the fuck out of a conversation about Canada’s housing bubble.