It’s time for the housing market to evolve

Housing Minister Ahmed Hussen, pictured at a Liberal caucus meeting in West Block on Feb. 2. With interest rates all but guaranteed to rise in the coming months, the affordability gap is set to widen⁠—making the path to homeownership even more unattainable, writes Daniel Dubois.For the second year in a row, the Canadian housing market continued its record-breaking rise in price growth and home value.

According to the Canadian Real Estate Association’s home price index, which adjusts for pricing volatility, the typical price of a home rose 26.6 per cent in December compared to the previous year, hitting a new high of $811,700. In urban cities like Toronto, that number has scaled to over $1-million. For many young Canadians, these astronomical prices make homeownership an impossible goal. Enjoy unlimited website access and the digital newspaper.

Government regulations destroy the housing market

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