Housing Crisis (2023)

The cost of living is going out of control. Prices of everything have increased greatly over the past several years, especially housing. The cost of buying a house in Canada has doubled since 2015 and the rates are still going up. How are Canadians who want to buy their first home supposed to do so unless they come from a family who has money? The average house is over $700,000, which means that the smallest down payment is $35,000. Many Canadians don’t even make that in a year, let alone being able to pay their bills and save up that $35k. Some Canadians are lucky and they live in areas where the local average house cost is less and others are not so fortunate and have to pay more.
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What Canada needs to do is to stop all non-essential immigration and foreign ownership. With such a high demand for housing, it creates higher costs. We need to catch up on the backlogs we already have by building more houses, apartment buildings, etc. so that those who are already in Canada can find an affordable place to live. By significantly reducing the immigration to only those who are necessary (and immediate family only- spouse and children under 18) for Canada’s economy, we can lessen the increased demand for housing. Also, by eliminating people who live in other countries from purchasing, for example, a summer home, we will further reduce the demand on housing. Both of these strategies will ensure that construction companies can catch up with demand and ease up the pressure felt by homebuyers and renters.