Robert Kavcic, senior economist at BMO Capital Markets, told Global News “as much as a quarter to maybe a third or slightly more of certain markets are being bought up by multiple property purchasers or investors. So (that is) adding another layer of competition to first time buyers that are actually looking to get into the housing market for a place to live.”
If true that’s fucking nuts. That sort of thing needs to be taxed so hard to no longer make it profitable. We all understand that you don’t go for seconds until everyone has eaten, but when it comes to a basic human need like shelter, people say FYGM.
There’s a lot of people saying it’s the corporations fault which isn’t exactly untrue and they do have significant sway politically with lobbying.
But it’s the people who keep bringing back politicians that clearly don’t want to lower housing prices because a segment of a population is to heavily invested into it. If anything the current tax system clearly incentivize people to invest into housing, imagine if we treated water like housing and people would buy up then vote for anyone that’ll make the prices go up.
