Yes, this video is about the US but it is also true for Canada, Ontario and Thunder Bay.
This is why prices of houses will never go down. There are too many institutions that will lose money. And we know that every decision made by businesses, banks and governments are based on money. Just how much money they can make.
Governments, banks, real estate agencies and home owners stand to loose too much money.
The value of properties effect taxes, mortgages, sales commissions and a substantial investment nest egg for the owner. Lowering prices will cause everything to crash.
Thunder Bay property taxes are taking a big jump this year. If property values were to go down the tax rate would have to go up. Up by a lot.
As was mentioned in the video, houses are a commodity not an investment tool. They became an investment tool when interest rates crashed.
That forced people to find places to invest their money. Savings accounts were no longer viable. That left the stock market and real estate.
I believe that when the term ‘affordable housing’ is mentioned, the person actually means ‘subsidized housing’. Housing that is subsidized by the taxpayers. By governments.
You see, profits are private while loses are public. Privatizi9ng profits while socializing loses.
PS: Every proper tax increase also raises rents on apartments.