I think the generational angle is substantially over stated. Sure on a average the older generation is much more likely to own but there plenty that's getting hit real hard with the inflation brought on by housing prices.
It's much more accurate to frame it as the government sacrificing the have nots for the haves. In which case there's no waiting it out as long as a substantial part of Canadian is convinced high housing prices is a good thing.
Anyone who's on a variable rate mortgage and hasn't increased their monthly payments significantly is going to be in a lot of trouble when they go to renew.
This might actually lead to housing prices dropping significantly.
I mean, they can try, but market forces are outside their control.
I don't think the US wanted to have their housing market collapse in 2008 (?), but it happened nonetheless.
It would suck, psychologically, to "lose" 30% of my house's value in a downturn, but it would be better for the economy if that happens. And, really, now that I'm a homeowner, all that really matters is the difference in house values when I go to sell/buy. So a downturn might actually be "good" for me, since the differential between this first and a "better" house would be smaller.
Right now, boomers are selling in hot markets to find lavish retirement, transferring wealth from the younger generation to older on massive volumes.
This might actually lead to housing prices dropping significantly.
This has been scarcely fulfilled promise so far, looks like this prediction has been a bit overestimated. I would very much welcome it but wouldn't bet on it.
