It may be several years yet before home prices fall back into an affordable range for the average Canadian, according to Oxford Economics.
It may be several years yet before home prices fall back into an affordable range for the average Canadian, according to Oxford Economics.
Exactly! Imagine if I said, “If we devalue my car, why did I spend years of toil to purchase it?” I’d look crazy. You buy a car for its innate utility, just like you buy housing for its innate utility. Cars ain’t an investment, and neither should housing be. Possession of artificially scarce property should not be the key to free money taken from those with the misfortune of being younger or later to market than you — that’s exactly the mechanism speculators and landlords exploit, driving up economic inequality and making life 100x harder for the rest of us.
Mine are. I expect them to deliver positive return. I could not justify the cash outlay otherwise.
I know some well-to-do gear heads out there buy cars purely for enjoyment, but that’s beyond my capabilities and sensibilities.