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Chris Alemanychris@socialbc.ca
Oct 23, 2026, 4:53 PM
@jfmezei if only we didn’t have a banker for a Prime Minister perhaps we’d be able to get around that ‘advice’. ;)
But seriously, the Canadian government would have to backstop people’s existing mortgages. The 2008 USA crisis happened exactly because there was no regulation to prevent it.
The CMHC could take on any mortgage the banks want to dump, or the government would help the banks write off the difference. In the end, no harm should be done. No crisis beyond what we are already in.
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Replies

Chris Alemanychris@socialbc.ca
Oct 23, 2026, 4:54 PM
@jfmezei the only crisis would be for the realtors who rely on every-increasing prices to fund and justify their ever-increasing luxury needs.
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Jean-François Mezeijfmezei@cosocial.ca
Oct 23, 2026, 5:09 PM
@chris If you invested your hard earned money into your house, and Port Alberni were to announcee a rapid doubling of number of homes in Alberni resulting in halving of the value of your home, wouldn't you and all residents who own homes vote that mayor out to protect your own investment in your home?
You can't solve the housing crisis unless you analyse and find ways around the reasons the marlet hasn't responded to the demand, and why govt don't act meaningfully.
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Chris Alemanychris@socialbc.ca
Oct 23, 2026, 6:05 PM
@jfmezei “wouldn’t you and all resident vote that mayor out”
no. Why should the value of my home have anything to do with whether other people have the opportunity to have a home or not?
The price is not because of ‘demand’. It’s because real estate is treated as a growth investment.
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Jean-François Mezeijfmezei@cosocial.ca
Oct 23, 2026, 10:23 PM
@chris real estate treated as growth investment has always been the case. But when a house was worth $50,000, then 10% growth on it was just $5000 more. Generally speaking, a house is a person's largest investment so they (and the banks who loan them the money) expect its value to grow. WIth house worth $1m, year increases now rival a year's salary.
Another problem is, especially in BC rising expectations. Below is the current entry level little shack people expect in BC 😉
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