Can't afford a home? You're not alone. Inside Canada's chaotic housing market

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How can Canada counteract the 'perfect storm' that sent housing prices skyrocketing at unprecedented rates?

This is a uniquely Canadian problem; Perrault said that Canada's housing-to-population ratio is the lowest of any G7 nation. To match the average ratio of the G7, he said, Canada would need an additional 1.8 million homes – not far off from the total number of new homes built in the past decade.The pandemic has upended traditional movement patterns for in-country migration.

"People are planning to buy a home in the community where they grew up or they went to school … and finding that they can't, and they're having to move further afield," Moffatt told CTVNews.ca via telephone this month. "You're noticing the big price increases because of COVID, but this has been happening for years," he said.Not every big city in Canada has been priced out of the realm of affordability. The same Oxford Economics report that found Vancouver, Toronto and Hamilton to have the least affordable housing markets of 25 in North America also found four Canadian cities among the 10 most affordable: Quebec City, Edmonton, Winnipeg and Calgary.

That's disrupted the work of city leaders. Previously occupied by issues around abandoned homes, declining housing stock and crime, they've had to turn their attention to working with developers who want to fast-track projects, pushes for active infrastructure and sustainability, and the other demands that come with running a growing city.

"It was really attached to this narrative that it was all about people from China buying up all the properties," he said.

 

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The average Canadian has been priced out of the housing market. The gov. should open up more building opportunities to address the shortage of housing.

Solution is simple - raise interest rates and stop printing money

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