Hacker News Reader

Comment by Factorium | Hacker News Reader

Immigration of 400,000 people annually. The Government has announced it will increase immigration levels:

https://www.cicnews.com/2020/10/canada-to-release-2021-2023-...

Drives down wages, drives up asset values. Great for the elite. Furthermore, the new arrivals (from 2nd/3rd world countries) don't complain: they're happy just to be there.

View on HN

I don’t see how immigrants from 2nd/3rd world countries are directly affecting prices. You said yourself wages are down.

By increasing demand?

Three generations go into one house, if you're wealthy.

If you're poor, in Australia its not uncommon to have a 3-bedroom house with 20 migrant men, who hotbunk and rotate every 12 hours.

This is the dismal reality of mass immigration.

Immigrants is Australia are not the same as in Canada. Also most all Aussies (and evident with your tone) are rabidly anti-immigrant blaming everything and anything on immigrants.

>its not uncommon to have a 3-bedroom house with 20 migrant men

These are probably workers, not immigrants.

Also, if immigrants were the problem, house prices would be going up when immigration was at all time high not when immigration is nearly zero during the pandemic.

House prices are going up because interest rates are low. They will stagnate when interest rates go up regardless of what the immigration is.

I really despise reading thinly(?) veiled xenophobic comments on HN.

Canada doesn't generally admin immigrants who aren't coming with substantial investment or education. Many are coming here with enough $$ to at least field a downpayment.

People's debts have been going up, interest rates have been lowering, credit card debt is at all time high, gdp to household debt is at all time high, number of investment houses to person is at all time high, immigration has crashed for last two years.

But sure, the problem is immigration.

No, I actually agree with you. I don't think the cause of housing price inflation is immigration. I was just commenting on the parent's point implying that immigrants would be poor/lower income.

The housing statistics program shows that established immigrants on average own more expensive housing than Canadians (Toronto being the one exception). The newly immigrated on average own less expensive housing than Canadians.

https://www150.statcan.gc.ca/n1/daily-quotidien/210318/dq210...

Reply on news.ycombinator.com