= Posthaste: 'Outlook for buyers is grim' — Big squeeze pushes housing affordability toin 31 years | It now takes 47.5% of an average income to cover the costs of a home =

Between when I bought in 2016 and now, the market value for my house is around 10 years of extra work to purchase

The economic fuckery means that the person who buys the house will work on average 10 more years than would have been required in 2016 to buy the same house, just to pay the profit that goes to me

I can drop the price of course, but that doesn't help. If I sell at a decent profit, instead of an obscene profit, it creates a perfect incentive for people to lie to me. It becomes instant profit for some landlord who doesn't want to actually live there

Even if I actually sell it to people who would live there, dropping the price means that they can flip the house instantly for free money, meaning that even if I find the perfect people to buy the house and live in it, I will have created an incentive for them not to do so. 5-8 years income, instantly? Of course it is worth selling, as you laugh at theowner who sold you a house for way less than it is worth

We just bought, mortgage alone is just over 1 full paycheck for me. But there's a lot more that goes into home costs than just that. Basically one of us works so cover the home and the other covers everything else RRSPs are on the backburner until we can increase our income - which, fortunately, we both will

Still.. we're sitting at 170k household income and it's somehow still tight.

This is a very good idea in theory. However, without other rent controls in place, you will artificially enrich landlords by being able to up the rent todegrees because of implicit taxpayer subsidization

The other unintended consequence would be a wholesale inversion of the market from home ownership to majority renters

Blind bidding is legal, and realtors have pretty much no accountability so what rules do exist don't really matter. Nothing will change until real estate sales function significantly differently

Increasing supply won't fix this, banning foreigners won't fix this, taxing properties the owner doesn't live in themselves won't fix this, we have to fundamentally change how realtors do their jobs (and actually enforce existing law)

Here's a graphic from 2012 using the same RBC housing affordability metric. They state that Vancouver was thethat year at 72.1% for single family dwellings, whereas Vancouver this year it is 64.3%. That graphic states that the average single family dwelling in Vancouver for that year was $736,000

It is difficult to find the methodology for these numbers, so I'm skeptical that people can actually glean all that much information from this

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