The buyers' strike of Australian property sought by a tax reform group last month has proven to be a fizzer, precisely because some people don't like the idea of lower house prices.Online activist group GetUp! decided not to pursue a strike of home purchases to protest at the lack of affordability in the housing market because its own members did not like the idea."While the issue of housing affordability is clearly an issue that resonates with plenty of people, GetUp! members don't support a boycott campaign," wrote Kelsey Cooke, online community co-ordinator for GetUp! late last week."Over the course of the last couple of weeks, we surveyed a random segment of our membership to gauge support - only 10 per cent strongly support the campaign, and more than half the surveyed members opposed this campaign altogether."
Canada, and specifically Vancouver, can expect similar introspective strains in the coming years, between the realisation that high housing prices are the root of the problem and the unwillingness to face the personal consequences if prices drop significantly. The housing market is not going to go down without a fight.
Hat tip CanuckDownUnder at vancouvercondo.info.