Investors, not immigrants, are fuelling the housing crisis

[Oscar]

Investors, not immigrants, are fuelling the housing crisis

[ https://breachmedia.ca/investors-immigr ... ng-crisis/ ]

by Tannara Yelland - October 23, 2024

EXCERPT: "“It’s very simple math,” Federal Conservative leader Pierre Poilievre has said. “If you have more families coming than you have housing for them, it’s going to inflate housing prices.”

While this makes for a convenient soundbite, it bypasses the root cause of much of the housing issue in Canada: investors gone wild.

Private investors have taken over the housing market in Canada, accounting for up to one-third of all new home purchases in the past few years. In some cities, that problem is even worse —in Edmonton, for example, researchers have found that almost half of all purpose-built rentals are owned by big-money investors.

Housing advocates have warned that it’s part of a growing phenomenon of “financialization” in the housing market, that stands to punish ordinary people while profiting real estate CEOs. . . . . "

More . . .