More Canadian developers are slowing their pace of building or nixing projects completely. Here’s what you need to know about your rights if you bought a pre-sale home.
More Canadian developers are slowing their pace of building or nixing projects completely. Here’s what you need to know about your rights if you bought a pre-sale home.
Goes without saying, but in fairness, this one is actually a federal issue.
Like you point out, it is the land values that have increased, not the structure cost. Why? Because dairy and poultry farmers, propped up by an old-timey socialist solution to supporting agriculture – which, in modern times, has pushed beyond just supporting agriculture and has transformed them into being the richest Canadians – are buying up all the farmland they can get their hands on at hyper-inflated prices. If you get away from the productive farmland, into the rocky expanses of Canada, housing has remained quite cheap.
Thing is, it used to be that cities could buy up farmland for practically nothing, thus allowing new housing to be cheap, but those days are over (arguably for the better, as farmland is important, but that comes with a cost). They have to now be able to outspend the diary/poultry producers for that land, which is no easy feat. Even if the urban sprawl ultimately wins, it has to pay more than it historically would have when farmers were poor and unable to drive prices up in competition. And that is cost that you, the homeowner, ultimately have to burden.
I’ll note that only Mad Max is willing to do anything about it. Take from that what you will.