For one Liberal candidate from Vancouver he has recently been criticized for the number of homes he has owned and sold in the region. Why is this an issue? Because the Liberals have campaigned on affordable housing and so you wouldn’t expect actions from any that might perpetuate the problems with housing in Canada.
Housing in Vancouver is one of the most expensive markets in the world, many Canadians will never be able to own a home no matter how hard they work. No matter if they work multiple jobs and have a double or triple income household, it still isn’t affordable for millions of Canadians that might want their own home. That is how insane the house prices are in Vancouver, Toronto, and other areas.
This is a hot issue for Canadians today and one they want answers to. What will Canadian parties do about affordable housing?
For the Liberals they seem keen on allegedly addressing the issue, as do other parties. But for one of the Liberal candidates, even though legal and they say they weren’t speculating, their home ownership has recently been called into question.
Why? Because of the history which involves allegedly flipping more than 20 properties after less than one year of ownership; 4 real estate deals within a 4 year period. Since 2005 this individual has allegedly sold more than 41 properties and made millions along the way.
Home Ownership Out Of Reach for Canadians
The average family in Vancouver isn’t likely going to be owning 42 homes in a 16 year period. The average Canadian today will be lucky if they can qualify for and obtain just one home. The unaffordable housing is a serious issue for working Canadians, for struggling families, for those on fixed incomes, for seniors and those with disabilities, because the rents are rising right along with the demand.
Things are getting more expensive around Canada and that is why today one of the biggest voting issues for Canadians is the cost of living.
The different political leaders have promised one idea after the next but there isn’t much hope that those policies are going to be far reaching and have immediate significant impacts on the Canada housing market. Some of those ideas including bringing out bans for foreign home ownership in Canada.
Liberals Rent To Own Home Program
One of the more recent ideas that has been floated is the potential rent to own program that the Liberals might introduce, as many people are unable to come up with the significant down payment needed for the arguably overpriced homes around Canada in cities like Vancouver and elsewhere, this could help more end users get the homes they need.
Help End Users Not Speculators
Speculators are harming the housing market here and making life harder for millions of Canadians, pushing those home ownership dreams out of reach and fueling a great amount of hardship along the way. As for what might have caused the housing bubble in Canada? It depends on who you ask. Low interest rates, foreign home buying, speculators, and other contributors, have been pointed to as potential causes of the problem. Canadians need homes today, not years from now, and though parties spout plans of building hundreds of thousands of them around the country it isn’t certain that this alone will get those homes into the hands of end users who need them, or at the price that they can afford either.
So far the Liberals have announced a sort of rent to own program for Canadians to own homes that might be promising. It plans for as much as $1 billion in loans and grants to go toward creating those rent-to-own projects that would be established with different partners. Still, it isn’t clear if everyone who needs one is going to qualify for those projects, or be educated about or have access to applying for those projects, and if not then it still isn’t sufficient enough and might only offer special treatment to some.
The rent to own home ownership path is growing in popularity in the United States, with some big celebrities becoming invested in the idea, and now it might gain traction in Canada too with this new possible program being suggested. Who knows though if that is going to be enough to secure Trudeau another election and Canadians are heading to the polls soon.