Fact 1: According to the OECD, there are millions of vacant homes around the world. Houses sit empty while prices appreciate aggressively and are in dangerous bubble territory in some places, like Toronto. Fact 2: As a proportion of the housing stock, Japan has the highest rate of vacant homes. In North America, over 11% of homes in the US and 8% in Canada are vacant. That’s 15.6 million and 1.3 million empty homes respectively. While there’s some debate over the method used to obtain these estimates, if even remotely accurate they signify that a lack of housing stock isn’t necessarily the primary driver behind rising real estate prices. It appears like speculators are hoarding homes like people hoarded toilet paper in March 2020.
Vacant Homes and the Bank of Mom & Dad
Vacant Homes and the Bank of Mom & Dad
Vacant Homes and the Bank of Mom & Dad
Fact 1: According to the OECD, there are millions of vacant homes around the world. Houses sit empty while prices appreciate aggressively and are in dangerous bubble territory in some places, like Toronto. Fact 2: As a proportion of the housing stock, Japan has the highest rate of vacant homes. In North America, over 11% of homes in the US and 8% in Canada are vacant. That’s 15.6 million and 1.3 million empty homes respectively. While there’s some debate over the method used to obtain these estimates, if even remotely accurate they signify that a lack of housing stock isn’t necessarily the primary driver behind rising real estate prices. It appears like speculators are hoarding homes like people hoarded toilet paper in March 2020.