What is the outcome you want, to have prices stay the same?
I'm just saying they cant stay the same, if prices do fall then the Bank of Canada will do QE and buy mortgage bonds to push prices up, so what is it you think you are fighting by banning algorithm?
Canada doesn't have a terrible amount of respect for itself does it. So much virtue signaling with little action or actual care for the life of its citizens.
There is much that can be done federally. Pierre had a ton of good ideas, like tying immigration to housing completions, and forcing municipals to rezone by withholding federal funds.
So we accept that our currency is being debased by an inflation index that barely tracks real inflation, as we buy half of all mortgage bonds federally to juice home values and running QE, but we want to ban algorithms that attempt to maintain profits?
If you don't want prices to rise then perhaps a lower inflation target makes more sense. Maybe even a law that wages automatically rise with inflation. But we all know they don't want that, they would need to actually raise taxes if they did that, and housing wouldn't turn into a giant ponzi scheme that artificially boosts GDP.
Food bank usage is way up, housing is crisis levels, youth unemployment is nearing 20%. At least the last time the youth had it this bad housing was still affordable.
Its called capital shallowing. We need growth that can be absorbed organically, like what existed prior to the Liberals, but its being done desperately to hide falling GDP.
Tying immigration to housing completions was his plan. Removing gst on housing was originally his idea. There was rezoning for density around transit and withholding federal funds from areas that don't build fast enough to encourage rezoning and reducing development taxes. Then there was selling off federal buildings and land to build housing. He also criticized the BoC for ignoring inflation and doing QE, because it rewarded asset holders, and he even said he would fire Tiff Macklem for ignoring his inflation mandate.
Now we have a housing minister who says housing is an investment, and Carney himself essentially repeated that in a round about way. Elbows up for homelessness.
Imagine trying to build them when a lot of land costs a million dollars and the house costs 300k; due to greenbelt that never used to exist, zoning that was a lot less regressive, and developer taxes were a tiny fraction what they are now.
We need to either lower the barriers or we need to stop the outrageous growth, as the missing middle podcast always says.
Adjust the CPI to include housing and asset appreciation. As it is the nominal value of everything is inflated with cheap debt, which devalues wages.