I admit that I never entirely understood housing as an investment, preferring perhaps the idea that you buy a house because you want a home.
One of the many reasons we left Canada so many years ago was a desire to not follow the rules of what I refer to as the game – all the things you need to participate in until you can no longer. Buy a car(s), house(s), insurance, and investments, and stay in the same place and job so that you can retire and then live. We traveled, did interesting work with interesting people, and sent our kids to cool schools instead. I guess some could do it all, but when I was in my 20s I didn’t see how.
Before we can home, we thought of buying a house. We got approved for a mortgage but they wanted 50% down because our income was from “the FarEast”. Buying a house sight unseen seemed risky. Even when I said, here is a tiny one for 100K, we demurred (one of those just sold for $350K with nothing more than new paint).
We lived in a bubble in Taiwan for much of our time there – I had no idea what was happening here and what other people did to live their lives. I could see whole cities being built in Taiwan and China, only later to realize that they were beautiful ghost towns. People would buy real estate as an investment. Renting an Airbnb wasn’t a thing in my experience. The result was that it created soulless districts that eventually looked overgrown with weeds and unkempt. It also drove up the price of housing so that now in Taiwan, young people can’t afford to buy, and they delay having families until the last possible moment.
Unlike many of our family and friends our age, we are asset poor but experience-rich. It has been at times a difficult choice to make.
This is a long-winded way of saying that it’s fine, and in my view desirable for a community to say that homes within that community should be for those who want to live in them. Empty homes suck the life out of a city. Surely there must be other easy investments for those with the leverage to buy multiple dwellings.
There is a municipal election in Charlottetown and Stratford. The two main candidates in Charlottetown are comprised of the incumbent, who at every opportunity deflects responsibility for all matters to other levels of government (except arenas), and a pro-landlord and likely by extension pro-short rental candidate. As such, I doubt we will see meaningful change unless more grassroots groups like Charlottetown Mutual Aid rise up to force those old white men like myself to make change. They are too invested in their current way of thinking to do so by themselves.