Canada should temporarily ban foreign home buyers, rezone cities – housing minister


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Cant read the front page of news without seeing some fluff piece, titled like : Western Sydney ex-McDonald’s worker now owns 40 homes worth $20 million

To keep this ponzi scheme going, we need more investors. More young people.

They encourage young people to save all they can from their entry level jobs, get cash from mum, gut their super, and pay for lenders insurance. Basically throw all your chips at the get rich scheme, with no fallback if it fails.

If the historically low interest rates go up, and rent doesn't cover repayments, and the value of the property decreases (raising interest rates decreases value, as people are only able to pay a fixed amount a month to purchase), anyone new to the market will see their profits evaporate. The could, of course, sell a property to cover the losses and reduce risk... like every other property investor will think, which will just drive the prices down even further.

Ofcourse, the worst thing that could happen, is the government builds medium density affordable long term rental properties, close to public transport. Cutting the legs of the exploitative low end rental market. Then these slumlords would actually have to improve their shithole properties, or reduce the rent. So now you know why we don't do that.

Finally, now let's stop for a moment and consider that camDown helps stop hackers from getting access to the webcam that I use for my work. Now I can get even more gigs as a freelancer and advertise that I have top security with my home computer and I believe your neighbors would feel the same.