Quote:
Originally Posted by LRTfan
I feel like much of what we've seen has just put Hamilton back a few years to where certain neighbourhoods were a gong show, but other parts of the city were more calm...my downtown/west end hood is seeing some ridiculous prices in recent listings and sales going full price.
Hamilton is NOT Vancouver or TO. If council stopped pandering to whiners, and actively pursued 10,000 new housing units to be built in the city ASAP, we would see a balancing of price points and rental vacancies. But Hamilton is still anti-business and the ON government is just a joke that couldn't operate an ice cream truck if it had to.
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Although I agree that rules about new housing (especially intensification in already built-up areas) should be relaxed to allow for new units, I don't think local or even provincial governments can be blamed for the housing bubble, for the simple reason that it is not restricted to one or even a few regions. Cities as disparate as Victoria, Saskatoon and Hamilton have seen rapid run-ups in price completely divorced from any fundamentals.
It has to be due to low interest rates and the high-leverage financing that has been allowed by the federal government. So, while the provincial government's measures last year spooked some participants, it's rising interest rates, and eventual deleveraging, that will keep this market (not just Hamilton, most Canadian real estate markets) declining.
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