Real value of housing in Canada;
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1) Land. Canada has lots of land, 1 acre is really only worth 25-50k
2) Housing construction. 10 guys can build a house in 2-3 weeks, real cost 50k-100k
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So the cost of housing is artificially inflated:
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1) Supply can not meet demand. Due to mass immigration GTA can not build 200k units per year, there is not enough builders. The price inflated because of too much demand.
2) Government is hoarding land and putting too many fees on development.
3) People can not move to small towns -no jobs and too much bigotry.
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Problems this creates;
1) People have no money left after paying rent or mortgages.
2) They can't spend on other business to support the ecomy
3) People are leaving Canada. Young people are going to NZ or Australia or USA etc. What does it say about a country when your youth are graduating and then leaving?
4) Social unrest. We don't have communities but instead teens go out on Friday night and punch some random person. Crime and disharmony