Really important thread. Ownership housing starts have collapsed.
Really important thread. Ownership housing starts have collapsed.
@MikePMoffatt So the type of build that Canadians actually dream of having is further out of reach. Sweet!
@MikePMoffatt A friend of mine has a very large drywall business dealing with new homes. They are laying off 50% of staff in July. That is scary and people have no idea in what is coming. There are no new builds and home builders aren’t budging on prices
@MikePMoffatt To recap #Ontario has approved a whack of unrealistic housing & excessively large urban boundaries. Was pointed out that these actions don’t translate directly to housing starts. IMHO the land use permissions increased land 💰& primary beneficiaries are speculators & investors
@MikePMoffatt Funny how when the Feds get involved everyone stops doing and starts waiting for funding. Kinda like pipelines.
@MikePMoffatt I honestly think that we have exited the period of the 'Canadian Dream' that everyone owns a house and you can sell it when you retire to fund retirement. But we need both: Affordable rentals (and we can save for retirement) and a good structure for housing. What is the gap?
@MikePMoffatt Do we have data on the volume of starts that are rentals vs not? CMHC data showed March 2024 housing starts +16% vs. March 2023, so that would have to be a whole lot of rentals (which would be very good, given high rents driving homelessness) for non-rental to have collapsed
@MikePMoffatt That thread is completely wrong in its conclusion No matter how much you cut financing rates, taxes and developer charges, developers are NEVER, EVER going to build the quantity of homes we need They will STOP BUILDING HOMES TO MAINTAIN THE HIGH PRICE OF THEIR COMMODITY
@MikePMoffatt They would need to add GST removal to the 4 plex by right for me to consider building anything for ownership.
@MikePMoffatt Certainly in YVR the central issue is that if you’re building one kind of housing that prevents you from building another. Construction and the trades have been saturated for a long time - there just aren’t enough workers.