In Canada, the surge in demand for bigger living spaces driven by the pandemic has met a historic dearth of supply, helping make its housing market one of the hottest in the world and deteriorating affordability a top political issue.
Though Prime Minister Justin Trudeau’s government has made addressing the supply shortage a priority after being re-elected in September, much of the power over housing policyThough the number of new listings climbed 3.2 per cent in October, continued strong demand meant Canada still had only 1.9 months of inventory available, the data show. That’s near the all-time lows the market hit when it was at its hottest earlier this year.
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