Canada’s housing crisis nearing boiling point

Canada’s housing crisis is nearing its boiling point.

In 2022, The Canada Housing and Mortgage Corporation reported that Canada needed to build 5.8 million new homes by 2030 to help achieve housing affordability.

It’s critical that happens because just last year Canada’s population grew by more than a million people. Immigration accounts for 96 per cent of that growth.

As Mike Drolet reports, chasing the Canadian dream is an absolute nightmare.

#GlobalNews #housing #housingmarket

[kelvinjohnson]

The issue is that either the renter or the owner must in some way pay insurance and property taxes if they want a "permanent roof" with utilities like electricity, gas and water. Because of this, many people at least in California, where I currently reside are living in tents. No taxes, rent, mortgages, or insurance. The number of people who tell me they live in their car that I meet amazes me. Its crazy out here!

[faizanchaudhry]

As someone living in Quebec in their early 20s, I find it so frustrating when you complain about these problems and everybody around you calls you selfish, and entitled for wanting things to be better. Absolutely soul crushing to be in this country.

[ClementRusso]

I fear a housing crash due to people buying homes above asking prices with little equity. If prices drop, affordability and potential foreclosures may arise, worsened by future layoffs and rising living costs.

[dslboiz]

8 years with a liberal government, housing prices have doubled and so have our groceries

[fujibosco]

Nearing? Depending on where you live, I think it was already boiling over three years ago. Thanks for catching up with the rest of us and reporting on this

[hbbstn]

I landed in Canada five years ago and it is outrageous what is happening in this country. I refuse to pay 1.8k a month for a basement studio apartment and 2.6k for a 300 sf studio condo 😤 I don't even qualify to buy a studio and my job is white collar in Dt Toronto.

My place in South America was way better and affordable and I lived in a 3rd world country!!! I have also lived in the USA for a decade and things are expensive there too but your salary is also high.

If you are thinking of immigrating to Canada, please don't, unless you can live in a smaller city or rural area. This is not going to change anytime soon. Most Canadians don't care because they are landlords. This has become a Ponzi scheme, and as soon as incoming immigrants realize it's a scam, the housing market will crash.

[milhouse]

In the 70s one family member could work a regular job and afford a house for their family. It's amazing how far we've come.

[zomgoose]

The government keeps bringing in as many people as possible. The Housing Minister is buying investment properties instead of fixing the problem. They only care about their own personal portfolio, not the people.

[annatar]

1.5 million homes in 10 years is not enough when they bring in 500k new immigrants each year.

[noiseshapes]

we have an affordability crisis. we have houses and they are not selling because nobody qualifies for a mortgage at the needed rates/amounts anymore. we should all be on strike!

[Naughtius_Maximus]

If we have a million immigrants comming in every year, how is building 1.5 million homes in 10 yrs going to help ?

[groovyengineer]

A middle class job used to pay 4 to 5x min wage. We should be making $64 to $80 an hour just to equal the buying power we once had. Still making $30. Wages havent gone up in decades.

[brockroth]

The fact that they are arguing about climate change while having 500k immigrants come in a year just goes to show what direction we are heading in

[davestewart]

I dont need a huge new $700, 000 home. I need a two bedroom $400, 000 home and nobody is building them.

[xoenea]

To add salt to the wound, transit outside of Toronto isn't keeping up either. Traffic is awful.

[NeilTheKnifeGuy]

Recently seen an apartment I rented 8 years ago go up for rent this year again. When I rented it it was a bachelor for $550 a month. The price this year for the exact same apartment without renovations but a new stove and fridge is now $1050.
This is a small town.
Dont believe this is a crisis... it is purposeful.

[c.t.u.o]

I started stacking to SAVE wealth. I've always been the type of person to spend my entire paycheck. I hate having money just sit in the bank. I am under pressure to grow my reserve of $950k. before I turn 60, I would appreciate any advice on potential investments.

[robleblanc]

I saw what was happening to Canada during the pandemic. I left to the United States. Canada is falling apart. A once economic prosperous country is a shell of what it used to be

[BeverlyTalley]

This needs to be addressed ASAP or it's going to cause a spiral. Most times it amazes me greatly how I moved from an average lifestyle to earning over $63k per month, Utter shock is the word. I have understood a lot in the past few years that there are lots of opportunities in the financial market. The only thing is to know where to invest.

[Edhilues]

Canada is accepting 400k new immigrants every year and the generation who actually own homes will love to see rent, house prices go up. People have to know things are not going right. Government should decrease the number of new comers.