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What will Canadian politicians do to fix housing affordability?

The Canada federal election is coming up soon and this means that candidates are busy answering some of the most pressing questions that Canadians have these days about the country. How are leaders going to address affordable housing in Canada? Work through the pandemic and economic recovery? As well as other issues that are important to millions.

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One of the biggest concerns for Canadians is affordable housing. Canadians want to know when solutions are coming rather than just seeing housing prices for owning and renting getting significantly worse over time. Where are the real solutions and when will this problem be fixed with things starting to get better for your average Canadian, this is what many who struggle financially around the country are asking.

The cost of living in Canada is a top concern for those who are struggling to pay their bills and get by. Already we have heard from multiple Canadian candidates for the 2021 election that they are going to address affordable housing in Canada in one way or another.

Building More Houses for Canadians

Is it a lack of housing stock? Issue with cheap interest rates? Are there multiple contributions to the problem here? A variety of reasons have been given for the current housing affordability problem around Canada.

As far as how we are going to solve Canadian housing issues, this is something politicians have been asked about for years. We have been hearing their solutions on this issue repeatedly, with some action that has taken place in the past, and yet the problem isn’t getting much better as things get more expensive and suitable options dwindle.

NDP Housing Solutions

For the NDP party, reportedly might be looking to give cash to tenants as a part of their idea for a housing policy. The Canada house price to income ratio is among the highest in the world these days, the housing prices have many Canadians giving up on the dream of home ownership altogether.

The NDP have also released a plan that details building 500k homes around the country, implementing a 20% tax on foreign buyers, and tackling money laundering that increases real estate speculation.

Conservatives on Housing

The Conservatives have also vowed to do what they can to make Canada housing affordable. This means outlining a party that can make that happen with a multi approach that boosts housing supply in Canada, as well as potentially looking into converting unused office space into housing.

Among these actions to try and address affordable housing in Canada we could also see a freeze on foreign investment in some way in that market, although that isn’t likely to be a popular idea with many.

Liberal Housing Solutions

Justin Trudeau has previously announced that more affordable homes would be built around the country. Liberals also have previously suggested that on this matter their solution would involve looking at escalating home prices in high priced markets to find out if speculation is driving costs. Not only that but they would look to invest billions in social infrastructure, and potentially offer tax incentives as well to increase supply of homes around the country.

Green Party

The Green Party have also talked about housing affordability and they’ve acted in calling for action on the issue, showing support for a national moratorium on evictions through the pandemic. Green Party of Ontario Leader Mike Schreiner recently stated that Canada could address both the climate issue and the affordable housing issue at the same time. This might be possible by redesigning our communities in a more optimal fashion to support that solution to come about.

In their own ways they each offer how they are going to address the cost of living and potentially lower the cost of renting and owning around the country. But will we see it happen? Canadians are struggling now and this could take years to see how effective one solution or another might be.

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The struggle with the affordable housing crisis can cause a lot of stress and anxiety for individuals and families today, it might potentially prompt some to delay putting off life-changing decisions because the cost of living continues to get worse. With the tightening financial squeeze it leaves Canadians feeling priced out of their own communities.

This is why it is still, years later, a top issue for Canadians today. Ideas about building 500k or 1 million new homes are appealing but that might not touch the surface of what is needed. Who is to say that those homes built will go to the end users who need them? How can that be determined? What if those homes end up being entered into the same bidding war frenzy and result in being out of reach for the average Canadian still. Canadians will have their chance to vote on some of those changes soon when the upcoming Canada 2021 election rolls around and they head to the polls to vote.

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