There have been many complaints over the years about the Canadian housing market. Many young professionals today are priced out of the market and things are continually getting more expensive for renters too.
We have heard plenty of times about plans for affordable housing coming around, where is it? Solutions are needed desperately for the many people across the country who are struggling with a large portion of their income going toward shelter costs alone.
Recently, it was announced that the country would ban foreign buyers from buying homes in the country, with a number of exceptions allowed, and this would last for a period of 2 years.
The ban is effectively supposed to restrict individuals outside the country and commercial enterprises from buying residential properties around Canada.
One recent report from around Dec 2022 stated that you need to make at least $108k per year to buy a home in Canada. This figure is out of reach for many and would take years for a down payment to be saved up, in that time prices might still climb and their goal could get further away.
If anyone was expecting a quick fix to the housing market it doesn’t look like it is coming anytime soon. Politicians have been talking about affordable housing for years now and the issue has only arguably seemed to worsen. Housing costs and rent costs are a key issue for many Canadians as they are concerned about the cost of living and want to see a brighter future ahead that might include a higher standard of living with potential home-ownership. Will this new ban have any meaningful effect?
The other policies that have been tried in recent years haven’t seemed to turn the market on housing around either. Will this one be any different? Some Canadians have suggested it is long overdue and might just be too little too late.