Raising rates will lower prices to some extent. So it should help somewhat. The issue is that’s it’s a very very blunt instrument. It just happens to be one of the only tools the BoC has to use. Ideally the feds would have stepped in at some poi t in the last 15 years to stop this madness…
I mean yeah. Once other “financial assets” become more attractive (bonds at 5.5%?) maybe less parasitical activity will happen in the housing market. The whole thing started going off the rails when rates dropped to essentially nothing.
If you think current home owners have it bad, imagine anyone trying to get in the market now. Not only are mortgages 3X the price, but the houses are 2X the price they were before. The entire thing is completely unsustainable, and yet the Feds have done fuck all. Well no, actually they have made it worse every single step of the way (see the first time home buyers savings account for the latest idiotic idea).
It’s at the point where it’s clear no single measure will solve this issue. What is absolutely infuriating is that NOTHING is being done. Actually scratch that, they are actively making things worse with crap like the “First Home Savings Account”.
Why not ban anything past a primary home? It’s like at a wedding where everyone gets to eat first before going for seconds.
I guess it’s a political non-starter given the number of people who own more than one home…
Just keep kicking the can down the road until there’s literally no other option…
The sooner we realize corporate control of social media was a massive mistake, the better the world will be. Imagine if corporate social media algos that drive engagement through ragebaiting hadn’t existed for the last 10 years…
Give kbin a shot if you find Lemmy confusing. I found it much more approachable personally.
Sorry, should have been more clear. I meant at the federal level. I get that they are somewhat limited in their abilities, but again, everything they have done thus far has _only _made it worse.