Housing crisis

Canada’s housing crisis worse than ever as Liberals sit alongside ‘Canada’s NDP

OTTAWA – Two new reports released this morning reveal what Canadian families have been going through for years: the cost of housing in Canada is skyrocketing, making it out of reach for many. Meanwhile, the Liberal government’s response to this deepening crisis is more talk than action. New Democrats have and will continue to push and advocate for concrete actions to make access to safe, secure and affordable housing a basic human right, and for those who dream of buying a home to fulfill their dream.

“It’s no secret that buying a home has become unaffordable in this country, making it an impossible dream for so many families,” said the NDP Housing Critic, Jenny Kwan. “This crisis will only get worse as long as the federal government continues to allow housing to be treated like a stock market. Immediate action must be taken to quell the speculation that drives up the cost of housing.”

The Parliamentary Budget Officer has indicated that housing affordability will only continue to grow if nothing is done. Canada’s population-adjusted housing stock is the lowest in the G7, with Ontario, Manitoba and Alberta being the hardest hit provinces. In Ontario alone, 650,000 units would be needed to achieve the same level of housing per capita as the average for other provinces.

New Democrats are calling on the Liberals to build 500,000 affordable housing units to address the nation’s affordable housing shortage. We also call on the federal government to establish a fund for non-profit organizations to acquire residential housing that comes on the market; immediately put a moratorium on the acquisition of affordable housing by REITs; and establish a significant tax on foreign buyers to prevent wealthy investors from treating our housing market like a stock market and driving up prices.

“I’ve heard from too many Canadians who think they’ll never be able to buy a home. It’s not fair,” Kwan added. “Trudeau made a lot of great promises on housing during the election campaign, it’s time he stuck to them. New Democrats will continue to fight to help families find housing. »