Better Dwelling co-founder and housing analyst Stephen Punwasi offers an archival antidote to the “running out of land” mania now dominating the consensus view. Headlines from past Canadian housing bubbles since the 1930s confirm that this baseless sales pitch has resurfaced before the bust each time. Well worth the review, see: Canada is running out of land. It Does that Every Few Years. Here’s a taste:
Running out of land is as Canadian as hockey, maple syrup, or laundering money for global crime networks. In fact, Canadians love running out of land so much, they do it every few years.
Many are currently justifying high home prices by claiming a lack of land in Canada. This isn’t just something people have come to conclude themselves. It’s supported by politicians, (some) academics, and real estate developers. It doesn’t matter where either. From Vancouver to Toronto, and even into smaller cities like Halifax.
People are convinced this is the last chance to buy a house because the country is running out of land. Those who buy a condo now will live like the Barons and Baroness of the past. Forever their space in the country will be secured. Those who don’t will toile in the code mines. Hacking away at bits for Microzon, a conglomerate that owns everything. I’m pessimistic, but not even I am that pessimistic.
It turns out Canadians feel this way at the top of every real estate bubble though. Going through newspaper archives all the way back to the 1930s, we can find a whack of examples. It’s always the last year people will be able to buy. There’s no more land…
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