HILARIOUS😂 Toronto Housing Prices are OFFICIALLY outpacing New York City – Could NYC trying NATIONALIZE Trumps properties have something to do with it😂 – April 12, 2024

Toronto is NOT the financial center of the PLANET; currently, when you’re talking about NYC, you’re talking about the New York Stock Exchange, Wall Street, and the city where the UBER wealthy WANT TO BE.

Even if New Yorkers weren’t stupid enough to vote for rent controls, housing prices would still be expensive in NYC because there really is a HUGE DEMAND to live there.

Obviously, since the far-left socialist Democrats took over New York politics, things have gotten PROGRESSIVELY worse, but one has to ask why are PRICES RISING FASTER in Toronto, which has MORE LAND to build on than in NYC, as well as FAR FEWER people.

You have to remember since Americans were DUMB enough to vote for Joe Biden, a President who basically left both sides of the border WIDE OPEN to immigration, a lot of NEWCOMERS have found their way to New York.

I’m not sure of the numbers now since the Far-Left began dominating New York politics,  but I know a few years back, Toronto’s per capita crime rates had surpassed NYC.

So, the only thing you can point to for this MADNESS is Canadian fiscal policy. As I like to point out, the ELEPHANT in the room when it comes to Canada’s housing market is the CMHC.

Nobody in Canada wants to talk about the role the Canada Mortgage and Housing Corporation plays in fueling higher housing price ALL over Canada. But America doesn’t have the same FEDERAL involvement in their housing sector as Canada.

I have to remind you, Canadians who are waiting for housing prices to FALL, that if this were to happen, the CMHC WOULD BE upside down, and the selling point CMHC makes to investors is if the CMHC fails, the CANADIAN TAXPAYERS is on the hook.

So, by my metrics, one has to DEVALUE the Canadian dollar long-term based on the CMHC’s metrics because I see no way to solve this problem except to sell off the CMHC to the private sector, and I’m not sure the private sector would even want the CMHC, without SPECIFIC guarantees.

In NYC, yes, they receive government bailouts, but actual bills need to be passed first; that’s not the case in Toronto. I argue that the federal government has more control over the housing market than the local governments.

The local governments of Toronto are responsible for stupid laws like “RENT CONTROLS,” but local governments in Toronto compete with the federal government for INVESTMENT.

If CMHC didn’t exist, there’s no DEMAND for Condos; people tend to forget why there are condos where PURPOSED RENTALS should be; it’s because of CMHC.

What IDIOT in their right mind would build rental-purposed housing and deal with RENT CONTROLS when they can build CONDOs and have “investors” pay for everything and not have to worry about rental control laws and other LOCAL government regulations that will STIFLE profits? Condos also have STRATA fees, which are like RENT, without the CONTROL; this is NO BRAINER if you’re a developer of housing.

Justin Trudeau actually made the problem worse recently when that idiot announced the “rental protection fund” as part of the upcoming federal budget. I don’t care if you like the idea; that’s NOT supposed to be the Federal government’s jurisdiction, and CMHC is NOT supposed to involve itself to the degree it does in the local housing market.

Federal governments aren’t supposed to REWARD bad economic ideas; Toronto’s housing problem began with rental controls and other tyrannical LOCAL laws on PROPERTY OWNERS.

There’s not a shortage of SUPPLY, there’s a shortage of people WILLING to rent out their homes to STRANGERS, because LOCAL housing laws, basically grant ownership of your housing to the TENANT.

And you have to remember, if you’re a landlord, you’re terrified that a local politician might change the Tenant-Landlord laws TOMORROW. You have to remember that tenants’ rights groups are powerful; they can swing local elections. And if you actually go out and TALK with people in Toronto, most TENANTS don’t blame the government; they blame the LANDLORDS.

 

So, a local government giving tenants even more rights than they already have to property the landlord “owns” is not far-fetched. You, as a landlord, then have to factor in all of the far-left LOCAL judges.

When you actually do the ON THE GROUND research, which I did YEARS ago, you’ll find out that the root cause of higher prices in Canada’s housing markets all stems from the CMHC.

The problem starts with LOCAL governments, but repurposing the CMHC, accelerated the problem. The problem is so bad, that Toronto is now more expensive that NYC😂 HILARIOUS!

Interesting times ahead!