Trudeau’s Housing Crisis and the Canadian Affordability Struggle

Alshaar Ansari
Alshaar Ansari News Politics
4 Min Read
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Canadians have experienced a sharp rise in housing prices over the past eight years, with average home prices in the Greater Toronto Area now standing at $1,089,800. Since Justin Trudeau took office, this figure has nearly doubled, rendering homeownership an unattainable dream for many.

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Mortgage payments have become so burdensome that 87.8% of income is consumed by it in Toronto. It took saving for 25 years for Canadians to come up with a down payment on a house as the Liberal government failed to address housing shortage.

Toronto’s cost of owning a home has risen such that it is now the second most expensive city in north America after San Francisco. This is in stark contrast to before Trudeau, where owning a house in Toronto was just about half as costly as today.

Similarly, other major cities across Canada have seen substantial hikes in housing prices because of lack of action from the Liberal government on affordability. The median price for Vancouver homes is now above one million dollars and Montreal houses prices are up by fifty percent since Trudeau became Prime Minister.

The Rent Crisis: A Growing Concern

Under Trudeau’s leadership rent costs have also escalated and currently renting two bedrooms apartment will cost you $2,671 per month which is 107% hike from 2015. Rising rents have made 59% Ontarians afraid they cannot pay their mortgage or rent and 96% consider rising rents seriously problematic.

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Furthermore, food bank reliance has increased due to rising rental rates in Canada according to recent research findings. This comes out when one out of every ten people living in Toronto depends on food banks due to escalating rental costs.

Vulnerable populations such as low-income families and seniors were disproportionately affected by the liberal government’s failure to act on affordable rentals. In these groups’ cases increases in rental prices have made it harder for them to afford even the basic necessities such as food and healthcare.

Trudeau’s Strategies That Have Failed

However, despite causing a housing crisis, Trudeau’s policies have not been adequate in tackling the issue. The liberal government’s $40 billion loan program that has only constructed 11,000 units since 2017 is inadequate for Canada’s housing requirements.

The government’s failure to make progress on housing affordability was also exposed by the Parliamentary Budget Officer who criticized their response as “insufficient” in dealing with the housing crisis.

Moreover, the economy has been affected adversely due to lack of action towards addressing the housing crisis by liberal government. Expensive houses have made it hard for businesses to get enough professionals hence they cannot retain talent especially in major cities. Consequently, productivity and economic growth are being lost.

Justin Trudeau

Canada needs quick action on its housing crisis; Conservatives are committed to building homes for Canadians. Through focusing on affordable homes, we can ensure every Canadian gets access to such houses and a better future.

The Conservative Party’s proposal entails expanding supply of houses, cutting down bureaucracy and giving targeted support to vulnerable populations. By taking a comprehensive approach toward making homes affordable, all Canadians can be sure of having access to affordable homes as well as brighter future.

Last Updated on by Alshaar Ansari

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