I used to believe that the housing market of Toronto was like Bitcoin. One day the bubble is bound to burst, and those who bought at the top of the market will gaze it like idiots.
But, here the last housing bust was a many years ago say a generation ago. Now, I am convinced that Vancouver and Toronto are like San Francisco – that permanently not affordable for everyone but the top level of upper middle class, and the people who live in social housing. In the long run, the things are only going to get worse. And according to me, the only way to change the basics is introducing a plague virus which will clear out all the boomers. You can only hope.
The question is who did this? The answer is we did. I and people of my generation of oh-so-progressive NIMBYs, along with the progressive politicians whom we elected, and the progressive bureaucrats we chose to work for us.
A professor of Ryerson University who is an expert in real estate Murtaza Haider said this about the status “We have NIMBYs who are putting up fights and barriers to decent housing for millennials”.