The Canadian Housing market is boiling hot. The first time home buyers are at the receiving end. It will become a distant dream for the Newcomers to own a house in Canada. This unchecked rise will not only impact the economy, it will adversely affect our society. This sharp rise in the housing market prices is discouraging the Newcomers to settle here in Canada. The news of expensive real estate market will have a global impact too as it will discourage people to migrate to Canada thus creating a huge void in new immigrants population, who are so much important for the growth and sustainability of our economy.
if left unchecked, this hot real estate market will trigger a chain reaction of inflation which will in return make the basic living too expensive.
We should urge the Government to take the stock of the situation and come with the policies which discourages the short term Flipping of the houses. There should be tougher stress test for the investor and a minimum of 40 percent down payment should be the norm for them.
Instead of letting the real estate concentrated into few hands the Government should ensure that owning their first home in Canada should be affordable for all.