People Are Discussing Why Ontario Homes Are So Expensive & Many Think It's Due To Greed
Do you agree? 🧐
Ontario's housing market is a gong show right now and people want answers.
A Reddit thread sparked a heated debate this week after a user claimed that wealthy investors were destroying the province's real estate market.
The post argues that "greedy" people are choosing to invest in real estate as opposed to businesses in Ontario because it's a safer place for their money. A tactic the user claims has decreased the province's housing supply and failed to create jobs.
"The government must literally beat the sh*t out of these greedy real estate investors who are making everybody worse off. Now, greed is a natural trait. I'm greedy, and I accept it," the comment reads. "But, these real estate investors are being greedy, and ripping everyone else off. You can be greedy, and make everyone else better off too!"
The thread's comment section has since transformed into a sprawling conversation on the subject, with many weighing in with what they believe are other contributing factors.
"You missed rent control. I think everything would be better if they could cap what percent of the mortgage can be covered with rent. As it is now, renters (who may not qualify for a mortgage) are effectively paying for other people's property while limiting their ability to save for something of their own," added one user.
"It should be outright illegal for anyone other than a private individual to own a single-family home," added another. "Corporations should only be allowed to own property zoned and used for multi-residential, industrial, commercial etc. purposes."
Not everyone was 100% on board with the argument, though, some contested that real estate investors as a whole don't deserve to be punished.
"I think it depends what you do to the property while you have it. Are you just parking your money there or are you making improvements to it? If you rent it are you being a good landlord or trying to screw over your tenants? Like most things in life, the devil is in the details," added another.
On Tuesday, the Ontario government declared it would invest more than $936 million into its National Housing Strategy to maintain and create more community housing.
The announcement occurred during the Rural Ontario Municipal Association (ROMA) conference, where Steve Clark, Minister of Municipal Affairs and Housing, stated that the funds would be given to municipal service managers and Indigenous program administrators.
Will this move make the province's housing market affordable again? Unlikely. But it's a positive step forward and one that will hopefully be followed by many more.
This article's cover image was used for illustrative purposes only.