They don't like reality. They like socialist hand-outs now. It's not just millenials. It seems like everyone who moves here has an expectation of free handouts from the government. This society is in trouble. Productivity is low and everything costs an arm and a leg, and they kept on spending money like they had it. Now look at them. Not fun, is it? Will this reality check comment allowed to be posted though? Haha probably not. Thought police!!!!

People hurting from interest rate increases had no business owning to begin with. They speculated on having low interest rates while home prices continued to rise, and seem to expect renters to pay the price to guarantee this. Zero sympathy for them.

Wayyy back in the day 7-8 hippies could easily rent a perfectly tolerable Victorian style 5 bedroom shack in Vancouver for 150 dollars per month. No problems with landlords who were happy to have their properties rented to anyone.

It is not a coincidence that back in those days Canada was stable, prosperous and successful as a nation.

Since then governments have cashed in real estate like a casino - allowing foreign interests to basically colonize Canada's real estate for their own nefarious reasons.

And now, after greed and self congratulations and money love the ship is starting to sink. I'm personally fighting fit and have no particular worries about the upcoming nightmare to come. The sooner the real estate bubble bursts and all of the wailing and knashing of teeth from the property owners starts, the better.

You should GTFO of Canada if at all possible.

I did a few years ago,and my life has improved 10x in every single way

I guess the problem with our real estate market is that ordinary people like you and I can't get ahead leveraging their property investments. The system is gamed against us and we have every right to yell at the Bank of Canada and the government. George Carlin was right.

By some miracle, 7 years ago I was able to leave the city for a rural area, and buy a very humble house (smaller than most apartments). I have 2 years left on a fixed mortgage rate that's pretty low. The banks were wanting stress tests at the time to see if buyers could handle 5%. On a tiny pension, that raise would be possible but very difficult, a life of poverty. Remortgaging with a longer amortization period would be the solution, like to 35, 40 years, but for the most part, these aren't an available option. I'll never pay off the mortgage in my lifetime so I don't care about that. I just want to keep a roof over my head. Others may feel the same. Time to loosen up the rules. CMHC doesn't do a lot to help homeowners, but ends up as part of the problem. This is a housing crisis. Mortgage rates need to be capped, and the Bank of Canada has to figure out some new economics instead of creating homelessness.

Ha, ha, ha, ha, ha, ha, ha, I guess you didn't read my post properly. What property investments? I'm also pretty sure you weren't paying attention to George Carlin either.

The federal government and the four largest provinces in Canada collectively spend about $29 billion a year on business subsidies — delivered through the tax system, spending programs and government businesses enterprises. It seems that everyone loves a hand-out. Canada is after all a Social Democracy.

People are bad at history and math,no matter where you are in the world just like 100 years ago the same thing is happening now.
The math is exactly the same and the results will be too.
I own I don't rent and have no mortgage at 50 because I understand math,nothing more nothing less.
I understand history.
I empathize with stupid and also understand that a lot of people are there by circumstance not bad math or history if it were we would not be in this mess together,enjoy the ride everyone and good luck

That although many Canadians hate US
- 30 year mortgages are common no rate change payment locked in for life
- no penalty to terminate or refinance 30 year etc if rates go down or you win lottery
- mortgage interest is tax deduction major benefit to buy create community

Banks in Canada are screwing canadians.