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Want to make housing affordable? Real estate needs to become a mediocre investment

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What we should be aiming for is policy that would maintain home prices at some reasonable multiple of household income

Prime ministerial interviews aren’t usually comedic material, but Prime Minister Justin Trudeau’s chat this past month with The Globe and Mail’s City Space podcast did offer up a chuckle or two.

To be fair, though, many of us would not do a whole lot better than our country’s leader if we were asked the same questions. That sounds innocuous enough. But if you think about it for a moment, you may begin to see a problem. I realize this is not a platform any politician wants to run on, but it’s hard to argue with the numbers. So long as home prices climb faster than people’s wages, affordability tends to deteriorate.

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