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    Canada slashed migration and housing costs dropped. There may be lessons for Australia | Canada
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    Canada slashed migration and housing costs dropped. There may be lessons for Australia | Canada

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    28 Comments

    2. JBudz on

      How about structural changes to negative gearing / property hording / mega-rich before we go after migrants?

      Edit: also fuck air bnb

    4. Flaky-Gear-1370 on

      Yeah the lesson the government will take on it is to not drop immigration because housing will go down

    6. tconst123 on

      Canada’s economy is in the shitter with ~7% unemployment and heading into an almost guaranteed recession. That’s also helped destroy demand in a big way.

      I’m not even against that happening, but we need to be honest about the consequences of lowering immigration

    9. T0kenAussie on

      Love the contradiction in the byline

      > While rising vacancy rates caused a dip in rents and home prices, it hasn’t solved Canada’s chronically unaffordable property market

    10. closetmangafan on

      Wasn’t it proven that immigration made up barely 1% of the housing crisis?

      Sure it may drop the prices a bit, but let’s look at the big impacts towards the problem. Supply, people who own 3+ properties and can walk in off the street to any random sale and buy a new place, aging communities, the lack of expansions, interest rates, banks, etc.

    11. Queerslander on

      Housing costs drop also because the tarrif war with the US which has resulted in job losses and uncertainty.

    13. Unable_Explorer8277 on

      >>> Carolyn Whitzman, an adjunct professor at the University of Toronto and a leading housing researcher, says it is important to recognise that the collapse in migration has **not** solved Canada’s chronically unaffordable property market.

    15. devoker35 on

      Canadian economy is much more diversified than Australia, so Australia is dependent on immigration and housing for its economy.

    18. LovesToSnooze on

      Won’t happen here. Government wants house prices to rise gradually while our wages stagnate and inflation increases.

    19. SuchProcedure4547 on

      Disingenuous headline.

      Reducing immigration only slightly helped vacancy rates and rental costs. Slightly.

      It also did nothing to help Canada’s chronic housing unaffordability.

      Immigrants are not the issue, and it’s so counterproductive to continue blaming them.

      Until we disincentivise housing as an investment, our problems will continue.

      We need to focus on getting investors out of the housing market.

    20. Chronos_101 on

      While rising vacancy rates caused a dip in rents and home prices, it hasn’t solved Canada’s chronically unaffordable property market.”

      When will people realise immigration is not the key issue. Oh that’s right, when another country literally proves it for us.

    21. stmiyahki on

      Was in canada last month, both in Vancouver and Toronto. You know what they also have done? Build more fucking houses. Proper, livable apartments. 

    22. theHoundLivessss on

      Am Australian-Canadian for context: This article has one of the most outright incorrect headlines I have ever seen. Immigration has lowered after reaching an all time peak. It is still massive when compared to other nations. Housing has lowered because Canada implemented limits on foreign ownership and capital gains.

    24. theantnest on

      Protip. People who own houses do not want housing prices to drop.

      Politicians have their wealth invested in multiple houses.

    26. Infinite_Shower_5390 on

      Canada had a much higher migration rate boost coming out of covid so had to cut migration to get back to baseline levels of migration. 

      Australia briefly had a higher rate but is already back at baseline. 

      The problem is dropping migration makes business angry and industry suffers. If there happen to be a recession or skills shortage then construction will fall…

      I think it’s dumb that our economy relies on migration but it is what it is. When governments have run on “slashing migration” they always end up creeping back up at the behest of businesses.

    27. KangarooBeard on

      Cutting migration would help with housing and rental costs, but it’s also like putting a bandaid on a gaping wound.

      You need to cut any and all benefits from owning multiple investment properties, to the point that it’s no longer a good investment. 

      Cutting migration without any other policies in place is kicking the can down the road.