this post was submitted on 31 Mar 2025
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A real solution?
No.
Neither is the Conservative or NDP ideas either though.
How much will all house prices drop if we build X?
If the answer isn't "the entire housing market will drop by greater than 50%" then you don't have a solution.
If the answer is "house prices will stay the same, or even keep going up" then you actually haven't done a fucking thing.
I'm not saying that this proposal will definitely solve the housing crisis. But this is the third housing bubble I've seen in my lifetime. If it bursts like the first two, then housing will drop in price. (I bought my home when the 2nd bubble burst.)
The problem all over the world with housing is enough stock hasn't been built for decades. And Carney's proposal is the first one I've ever seen that actually deals with this problem and on the scale needed. It also identifies two things: that Canada has faced this problem in the past and fixed it, and, there has been a problem with govts not being willing to act decisively and fast enough to really make a difference.
A) Even if the housing market dropped as much as it did in the 90s (about 30% in the toronto area) it STILL wouldn't be affordable. That's the problem here, the situation is so bad that even a massive crash isn't enough to fix it. It has to be completely ruined before we restore that tag.
B) There are more bedrooms in Canada than people, and given that a lot of people share bedrooms (couples and small children) that means there's actually a significant excess of housing. If you go back through my comment history you can actually find where I did the math and linked sources on this one. The problem is not the lack of housing, it's the distribution and allocation of housing. This problem can be fixed without building a single new home.