suffers a fatal flaw because it never mentions the word “wealth.” It depicts rising home prices only as an affordability problem for vulnerable populations – ignoring those same prices have been a boon for homeowners like me.delivers easy wealth windfalls for owners, which is why politicians of all stripes have tolerated rising home prices for so long.
But the current owner’s gain is a loss for their children and grandchildren. Home prices rising faster than earnings, by definition, erodes affordability for those who follow. National Housing Strategy 2.0 must start with this recognition. This doesn’t mean we can no longer count on growing wealth by paying off a mortgage. It does mean that we should critique any policy that incentivizes us to bank on home prices surging faster than local incomes.
Older Canadians like me who have benefitted from surging home prices must actively join the fight to restore housing affordability for those who follow. We must use our voices to help champion an upgrade to the housing strategy, and be open toIf, we remain on the sidelines, or sustain the myth that older people are especially vulnerable in the housing market, we should not expect history books to write well of our generations, nor be surprised when our children write those critiques.