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Originally Posted by casper
English Canada has some cities (in places like Alberta, Saskatchewan, and Manitoba) where developing new land is relatively cheap and we can accommodate growth.
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They don't have vibrant employment markets though, hence why Calgary now has the dubious honour of having the highest unemployment rate in the country at
8.5%.
Quote:
Originally Posted by casper
We have been talking about a brain drain for decades. Ever since NAFTA 1. That will continue. Canadians that want to work for big US tech and to stay in Canada have the choice of a few Canadian cities where most of those companies have also set up shop.
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Given the ever increasing size of the brain drain, tech workers make up at most a small portion of Canadians moving south.
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A housing crash send a clear message. We have over supply and the market needs to stop building. I don't think that is remotely correct.
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Current unaffordability has also killed the construction market. Most of the pre-construction condos in Toronto are now placed in cold ice, despite prices remaining close to post-COVID highs. You can only override market forces for so long before it comes back with a vengeance.
The more you distort the markets to keep prices high (whether via zoning, juicing up financing support, government guarantees, redirecting retirement funds to housing etc), the more unstable the construction market gets.
In a place like Japan, with permissive zoning, no foreseeable RE bubble nor any immigration ponzi schemes, they actually see comparable per capita housing starts to Canada's, which is not what you'd expect in a tiny country with a declining population and severe land restraints.