Ottawa — After a decade of striving to keep home prices down, Canadian political leaders have new tactics. It’s building a house to lower prices.
The new strategy is being rolled out in an election campaign prior to the September 20th vote. Studies among Canadians show that affordable housing has emerged as one of the biggest concerns of non-pandemic voters.
The ruling Liberal Party’s proposal includes billions of dollars to accelerate housing starts in urban areas, and conservatives are turning government offices into housing units. Canada aims to drive population growth through aggressive immigration goals, recording one of the fastest rising home prices in the developed world.
Previous policies on housing supply focused only on units for low-income individuals and households. Currently, the campaign promises are focused on homes for middle-income earners who cannot afford to live near where they work.
Affordable housing can ultimately discourage Canada from retaining or attracting highly skilled talent, analysts said.