While much of the elitist establishment is talking about the Prime Minister’s socks, a concerning new survey shows that there is a rising housing affordability crisis in Canada, as large numbers of Canadians feel housing is out of reach.
As reported by the CP, “A new poll suggests that just over two in five Canadians believe housing in this country is not affordable for them, a finding that cuts almost evenly across income levels. The poll by EKOS Research appears even more bleak in some of Canada’s hottest housing markets, where only a small sliver of respondents said they believe homes are affordable.”
According to the poll, almost half of all low-income and/or working class Canadians say they can’t afford housing in their local area. Those affordability concerns extend to those who define themselves as middle class and upper class, with 38% and 37% respectively saying housing is out of reach.
The numbers are even worse in some of Canada’s largest cities. In Toronto and Vancouver – cities that have both been flooded by foreign millionaire buyers – only 6% and 2% feel housing is affordable. Just 11% of Calgary residents and 22% of Montreal residents feel housing is affordable in their city.
As noted by the CP, “Research from the University of Calgary’s school of public policy finds that affordability crunch is most acute in Calgary, Vancouver and Toronto, where a low-income family can spend upwards of half their income on the lowest-priced apartments.”
Two solutions: A massive national foreign buyers tax, and removing restrictions on new construction
The growing housing affordability crisis is a simple supply and demand problem. Canada has a growing population and housing supply is not growing enough to meet the demand – hence the high housing prices. Additionally, much of that demand is from foreign millionaires who are buying up large amounts of housing, raising prices even further and pushing Canadians out of the market.
It doesn’t need to be this way. After all, it’s absurd that Canada could have a shortage of affordable housing considering the immense empty space still available to us.
The solution therefore is simple: Implement a massive foreign buyers tax (between 50% – 75%), and remove restrictions on new home construction. Many elitist politicians have become obsessed with fighting “sprawl,” and have put restrictions in place that reduce the amount of new housing construction. Less supply and increased demand equals higher prices, and those higher prices are creating the affordability crisis.
Those two simple changes would go a long way towards ending Canada’s housing problems and stopping the affordability crisis before it gets worse.
The elites want to hide their many failures behind political correctness, deception, and manipulation. We need to push back and spread the truth.
That’s why I write.
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