The soaring cost of Canada’s housing has become a major political problem for Prime Minister Justin Trudeau. Find out more.
The benchmark price for a Canadian home has more than doubled over the past decade, reaching $760,600 in June. Trudeau’s government, which took power in 2015, has also steadily raised its annualPoilievre has hammered Trudeau on the issue, focusing on the anger of younger generations. Canada’sFailure to be seen as doing enough on housing could be politically disastrous for the Liberals“Rent has doubled,” he said. “Mortgage payments, doubled. Needed down payments, doubled.
Still, Canada’s ambitious immigration targets have outpaced home building, aggravating the imbalance between demand and supply. In the 12 months to March, four to five international migrants arrived in Canada for every newly started unit of housing construction. That’s the highest ratio of new Canadians to new homes on record in data going back to 1977.
However, more needs to be done, and time would be better spent focusing on solutions across levels of government than laying blame, he said. Trudeau’s comment on July 31 that housing isn’t a primary federal responsibility was “problematic,” Vaughan said. If the government is going to act, “they better do so quickly because time’s not on their side, and there’s a chance that one of the opposition parties could really start to own this issue,” Moffatt said.
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