The NDP’s solution to Canada’s housing crisis would do more harm than good
Mike Moffatt is senior director of policy and innovation at the Smart Prosperity Institute.
At a press conference last week in Windsor, Ont., NDP Leader Jagmeet Singh criticized the federal government for its lack of action on helping families affected by the housing crisis. His criticism is well-founded, but his solution would do more harm than good.for the event, Mr.
Mr. Singh’s math checks out; in March, 2022, the average home price in Windsor was more than $720,000, and variable rate mortgages were as low as 0.9 per cent, so a family who had purchased that home would see their monthly payments increase by more than $1,700 a month, so long as their lender did not extend the amortization period.
The NDP’s solutions for this problem are vague, but by calling for “stronger mortgage relief” Mr. Singh appears to be advocating for some kind of subsidy or deferral for homeowners struggling with interest costs. Mr. Singh pointed to initiatives in Spain and Portugal as models Canada could emulate. However, neither would likely help our family in Windsor.
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