Can Justin Trudeau stop you from buying real estate?
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Greetings, Condo Investors. Thanks for checking out this video. This article is from BuzzBuzzHome and the headline is, “Is the Bank of Mom and Dad Driving up Demand and Prices in Canada’s Housing Market?”
So, it’s talking about the fact that they did a survey and apparently approximately one third of Canadian baby boomers said that they intend to give their children money to help them buy a home and to get ahead.
So there’s no question that this transfer of wealth is happening and that there’s going to be a tremendous increase in this amount of transfers from the older generations to the younger as housing prices in Toronto and Vancouver and our big cities get higher and higher and higher.
But the bigger trend that I think I want to point it to you as a Condo Investor is just the fact that getting into the psychology behind this and there’s this black and white thinking a lot of times in the headlines and when they interview economists and banking types, Bay Street type people, government type people. Whenever there’s changes in the housing market like we’re experiencing right now with the new stress test and the government constantly intervening, it seems, every three, four months with new interventions into the market.
They’re trying to tap into … trying to stem the demand side of the equation. But at the end of the day, people want what they want. And everybody wants a home to call their own, everybody that dream of home ownership, I think, is never going away. It’s fundamental to who we are as people, but especially as Canadians in a free country in a capitalist society.
So, that is never going to change. People are always going to want to own their own home and own the place where they live. That is always going to be true. So , no matter what the government does, no matter what rules and things and changes come into place, that’s always going to be driving the market, moving the market forward and making real estate a great investment 10 years, 20 years, 30 years from now, just as it is today.