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Online frustration over Vancouver's housing market is growing: Maclean's author

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Summary

Frustrated non-buyers hoping for a crash in the housing market: author

TORONTO (NEWS 1130) – The number of people who may never be able to afford a home in places like Metro Vancouver or Toronto keeps growing and so does their visible and public frustration.

“I guess a lot of snide comments on social media. That’s one thing that we looked at. Certainly, in Vancouver, you’ve had a lot of demonstrations and so on. There was that ‘Don’t Have 1 Million’ campaign a couple of years ago,” says Joe Castaldo, who helped pen a piece on the topic in this week’s issue of Maclean’s Magazine.

Collectively, those people are now pinning any ownership hopes on one thing.

“For some people, they see the situation as being, their only hope of being able to purchase something in those cities is if the market, in fact, takes a correction or has a crash,” says Castaldo.

He notes people are increasingly venting those sentiments online.

“I think peoples’ frustrations will grow deeper. But ultimately some people do have to accept the fact that they might not be able to purchase a property in the city of their choosing,” says Castaldo.

He also points to more pressure on politicians and things like the foreign buyer’s tax both here and in Ontario.

“So measures like that are definitely a response to peoples’ frustrations,” says Castaldo.