Canada has two serious problems: an incompetent private sector and an incompetent public sector.

The price of condos have not gone down, even when there is no demand for it because of the price. When you don’t have demand, you lower the price. Simple.

But the construction industry deliberately inflates prices because they know there is a safety net: the government will bail them out.

And then the government will overpay, pretend to provide “affordable housing”, but in reality, they will mismanage the entire enterprise and cost taxpayers more than what is actually needed to run it.

Oh, and hardly anyone will get to live there, and, for those who do, those units will become run-down, and dangerous. That’s the reality of “affordable housing.”

But the kicker is if the government said to these deluded buffoons, “We are not bailing you out, and we will investigate you for price gouging,” the prices would halve overnight.

Why?

Because these companies would know there is no safety net, and they can’t smash and grab their way to riches.

Housing in Canada should be more than affordable: the problem is greed. Punish the greed, and there is no need to create affordable housing through the government because housing would be at a realistic level. Small population in the world’s second largest country. We should be paying a fraction of what we do.

But when both sectors are incompetent, always expect the worse outcome in the worst way.