Houses exist to juice the economy and keep the elderly afloat on paper gains well into their retirement years.
. The market is so lucrative that it siphons investment from other industries, ones that might prove more fruitful in the long run. But, hey, money goes where it can get the best return and right now the best return is in marble countertop and farmhouse sinks. Housing is an industry unto itself, and one that makes Canada look very, very rich.Sure, the government probablydo it.
This only makes sense if you accept a completely, blindingly obvious truism that has guided several decades of government housing policy.The government will never, ever let the prices go down. Not only would a serious housing crash destroy one of Canada's most lucrative and prestigious industries, but too many families are now too dependent on the paper wealth stored in their homes. The racket is too big to fail, and so we will do everything possible to continue to prop it up.