In a country with some of the world’s most expensive real estate, Prime Minister Justin Trudeau’s government wants housing to become more affordable.
But Canada’s new housing czar has a message of reassurance for the nation’s homeowners — it also doesn’t want to drive down prices.
The benchmark price of a home in Canada was $749,100 in June, and it has doubled in 10 years. Toronto and Vancouver are two global cities with high real estate bubble risks, UBS said in a report last year; the typical home in each, including apartments, costs more than $1.15 million. “What they’re signaling would be the ideal. But we are so far from the ideal, and it is impossible to achieve that ideal when our population is growing at the level it is and housing starts and completions have not changed,” Pasalis said. “No matter what they say, the forces driving the market are pushing prices higher.”
“The solution is to build more houses,” said Fraser, who was the immigration minister until Trudeau shuffled his cabinet last month. “We should be working to more closely tie our immigration levels to both our industrial policy and to the absorptive capacity of communities, which includes, but is not limited to, housing. It’s important that we don’t reduce our population growth targets, but instead increase our housing supply targets.
France Dernières Nouvelles, France Actualités
Similar News:Vous pouvez également lire des articles d'actualité similaires à celui-ci que nous avons collectés auprès d'autres sources d'information.
Canada's Legal System Hinders Granting Legal Personhood to Fraser RiverA recent study conducted by a law student and a conservation program director reveals that Canada's legal system is outdated and prevents granting legal personhood to the Fraser River. This strategy, increasingly popular worldwide, aims to protect ecosystems from destruction. The study highlights successful cases in other jurisdictions but finds Canada's laws inadequate in recognizing nature's legal rights. To address climate change and restore ecosystems, alternative perspectives on the natural world are necessary.
Lire la suite »
Opinion: Amid Canada’s housing crisis, immigration needs to be slower, more focusedCanada lacks investment to complement the inflow of immigrants – while we wait for housing progress, Canada needs slower and more focused immigration
Lire la suite »
Widening Housing Affordability Gap in CanadaNewly released data shows that the disparity between income and home prices in Canada has been increasing over the past four-and-a-half years, leading to a widening housing affordability gap. While housing prices have risen by approximately 26.4% between January 2019 and June 2023, the median income for Canadians has only increased by 9.6%. This disconnect between income and home prices highlights the challenge of affordability in the Canadian housing market, which is more closely tied to borrowing rather than income.
Lire la suite »
Affordable Housing Shortage in Greater SudburyGreater Sudbury is facing a shortage of affordable housing, with limited stock forcing hundreds of households to live in unaffordable conditions. The high-end housing market has made home ownership even more out of reach for first-time buyers. A Housing Supply and Demand Analysis report by N. Barry Lyon Consultants Ltd. highlights the need for 470 rental units to reach a five-per-cent vacancy rate, which currently stands at 1.6 per cent. The report also emphasizes the need for a greater number of affordable units to address the housing crisis in the city.
Lire la suite »
Calgary housing headache: Students scramble for spots as campuses reach capacityOn-campus residences at University of Calgary, SAIT and Mount Royal University are all completely spoken for, leaving some students scrambling for a place to live ahead of the fall semester.
Lire la suite »
BC Housing celebrates opening of downtown Prince George apartment buildingResidents are expected to move into the 36 new units by September
Lire la suite »