this post was submitted on 11 Aug 2023
91 points (97.9% liked)

Canada

7209 readers
494 users here now

What's going on Canada?

Communities

🍁 Meta

πŸ—ΊοΈ Provinces / Territories

πŸ™οΈ Cities / Local Communities

πŸ’ SportsHockey

Football (NFL)

  • List of All Teams: unknown

Football (CFL)

  • List of All Teams: unknown

Baseball

Basketball

Soccer

πŸ’» Universities

πŸ’΅ Finance / Shopping

πŸ—£οΈ Politics

🍁 Social and Culture

Rules

Reminder that the rules for lemmy.ca also apply here. See the sidebar on the homepage:

https://lemmy.ca/

founded 3 years ago
MODERATORS
otter@lemmy.ca
91
Why it might be several years before homes are more affordable in Canada (www.bnnbloomberg.ca)
submitted 1 year ago by sik0fewl@kbin.social to c/canada@lemmy.ca
58 comments fedilink hide all child comments
 

It may be several years yet before home prices fall back into an affordable range for the average Canadian, according to Oxford Economics.

you are viewing a single comment's thread
view the rest of the comments
[–] blazera@kbin.social -1 points 1 year ago (1 children)

and the end result ends up having to rake in more money just to recoup the costs.

that's not how prices work

[–] Dearche@lemmy.ca 2 points 1 year ago (1 children)

This is exactly how prices work. The minimum price of something is the price at which something costs to procure and produce, with anything added on top being profits. And this being typical western capitalism, they do what they can to increase profits as much as possible, and with housing being a requirement not a luxury, people pay whatever is asked.

[–] blazera@kbin.social -1 points 1 year ago (1 children)

Those houses could cost 5% of what they cost now and rent would be the same, because people will pay it.

[–] Dearche@lemmy.ca 2 points 1 year ago

I'm not talking about individual houses. I'm talking about condos that easily cost more than the land they're built on so they can maximize profits.