this post was submitted on 13 Aug 2023
297 points (97.7% liked)
Canada
7133 readers
395 users here now
What's going on Canada?
Communities
π Meta
πΊοΈ Provinces / Territories
- Alberta
- British Columbia
- Manitoba
- New Brunswick
- Newfoundland and Labrador
- Northwest Territories
- Nova Scotia
- Nunavut
- Ontario
- Prince Edward Island
- Quebec
- Saskatchewan
- Yukon
ποΈ Cities / Regions
- Calgary (AB)
- Edmonton (AB)
- Greater Sudbury (ON)
- Halifax (NS)
- Hamilton (ON)
- Kootenays (BC)
- London (ON)
- Mississauga (ON)
- Montreal (QC)
- Nanaimo (BC)
- Oceanside (BC)
- Ottawa (ON)
- Port Alberni (BC)
- Regina (SK)
- Saskatoon (SK)
- Thunder Bay (ON)
- Toronto (ON)
- Vancouver (BC)
- Vancouver Island (BC)
- Victoria (BC)
- Waterloo (ON)
- Winnipeg (MB)
π Sports
Hockey
- List of All Teams: Post on /c/hockey
- General Community: /c/Hockey
- Calgary Flames
- Edmonton Oilers
- MontrΓ©al Canadiens
- Ottawa Senators
- Toronto Maple Leafs
- Vancouver Canucks
- Winnipeg Jets
Football (NFL)
- List of All Teams:
unknown
Football (CFL)
- List of All Teams:
unknown
Baseball
- List of All Teams:
unknown - Toronto Blue Jays
Basketball
- List of All Teams:
unknown - Toronto Raptors
Soccer
- List of All Teams:
unknown - General Community: /c/CanadaSoccer
- Toronto FC
π» Universities
π΅ Finance / Shopping
- Personal Finance Canada
- BAPCSalesCanada
- Canadian Investor
- Buy Canadian
- Quebec Finance
- Churning Canada
π£οΈ Politics
π Social & Culture
Rules
Reminder that the rules for lemmy.ca also apply here. See the sidebar on the homepage:
founded 3 years ago
MODERATORS
you are viewing a single comment's thread
view the rest of the comments
view the rest of the comments
Most home owners I know either
Don't want the gains, because they can't afford to buy a nicer place even if they sell their current place.
Are unhappy about growing mortgage payments.
Are worried about their kids being able to afford a place.
The gains only benefit people who can cash out and move away. Most homeowners (I know) wouldn't want to borrow against the house value because repayment is so expensive.
That is true. The value of my home doesn't mean much to me. If it is worth $1 tomorrow, oh well? Who cares?
But it is troubling to think what will happen when most other homeowners are underwater and their debt gets called. That is going to hurt all of us.
Yeah homes being viewed as an investment is stupid and only came to be for those that could afford to buy lots.
Homes became an investment when living near your workplace became a necessity. Any tool which facilities an income is going to naturally become an investment. That's what investment is.
The COVID thing decoupling some jobs from location has helped marginally β seeing a small decline in home values (although perhaps moving it to places where jobs were previously less commonly found) β but that can only get you so far. The vast majority of income sources are still location dependent.
HELOCs may burn some folks. They were gaining popularity while interest was low. That is going to add to the burden of those who loaded up on debt.
I might actually be happy if my home was suddenly only worth a dollar.
That would cut my property tax way down
Well someone should tell them to vote that way. There's a reason no party other than the greens will even dare speak of the fact that prices need to come down to increase affordability.
I'm guessing the next federal election will be on pocketbook issues. I don't know where home ownership will fit in there.
AKA the boomers win again, like fucking always.
And interest rates are at least 2x what many homeowners currently have.