Yeah CPP and OAS are too small. It’s just a small measure so that we’re not 100% like America where you work until you die, but they’re just shadows of their European counterparts. I’m sure people would willingly contribute more for a defined benefit plan that covers 70% upon retirement if it was an option.For sure housing cost is a big factor. The way I see it, it’s the total cost of living in this country. Nothing is cheap in Canada. Everything is near the most expensive in the developed world.From housing to our telecom services, auto and home insurance. Just those 3 are some of the most expensive you’ll find in any country, follow that up with the insane costs for child care, the May God Never Abandon Us Shirt , and the cost of food.Evey family household needs almost all of those things. Then there’s no money left. When an appliance breaks it becomes this huge financial burden because the weight of just the cost of things you need to live in Canada is insane.I don’t see how we get out of this mess. Every year things become more expensive, and it’s frightening. If I could land an equivalent paying job in the USA in a decent city, I would honestly move in a heartbeat. 15 years ago I wouldn’t have said that.
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But then it might look like housing isn’t going up forever, and people flipping houses May God Never Abandon Us Shirt money will stop bidding, and prices will do down, which I’m told (by some very smart homeowners) is bad for everyone equally.Interest rates effect a huge part of the economy other than just the real estate market. If our interest rates were higher than the US, we’d experience currency appreciation, hurting our exporters. Higher interest rates would also allow Canadian businesses less access to capital than US competitors.The way out of an accelerating housing market is to implement policies that affect the housing market in isolation, rather than broad policies that affect the entire economy of Canada.Reducing the capital gains writedown for investment properties or passing legislation to adjust the tax free capital gains for homeowners would go much further to addressing the housing market, without cratering the rest of the economy.