Four reasons why you can’t afford housing

Buying and owning a home in Canada is an endless source of frustration. Many have been priced out, while competition is high as a lack of housing stock runs up against a rapidly growing population. While more homes are needed to alleviate the stress, getting shovels into the ground isn’t as simple as it sounds.
The Globe’s Jason Kirby, Matt Lundy and Mark Rendell recently broke down the reasons behind why most Canadians can’t afford a home right now. Jason Kirby is on the show to explain the not-so-obvious reasons why housing affordability and opportunity is at an all-time low - and whether we’ll be stuck in this expensive loop for generations to come.
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[@chrisministerofsmartarsery3322]

Justin, Chrystia, Jagmeet & Canadian media misinformation. 4 good reasons.

[@truthteller6743]

Conservatives are no better. Truth hurts.

[@chaoslordmissingno]

Need to add liberal and ndp parties there

[@spacecoyote55]

💯

[@truthteller6743]

Conservatives too.

[@chrisministerofsmartarsery3322]

@@truthteller6743 Conservatives didn’t double our federal debt leading to 8 to 10 interest rate hikes, which in turn lead to increased mortgages. The conservatives also didn’t increase immigration to unsustainable levels. Not sure you & I live on the same planet. Lol.

[@bozcro]

1 million people brought to Canada.

[@Fallusion]

in less then 9 months.

[@Azel247]

But the housing unaffordability existed long before that

[@rockyjohnson9243]

3million actually before covid we had 38mill people today we are at 42million

[@user-kv4kp4co1r]

The issue isn’t a shortage of supply. Rather, it’s the policies that are skewed in favor of investors, enabling them to engage in the ‘Buy, Rehab, Rent, Refinance, Repeat’ (BRRRR) strategy, that lead to houses being sold to them.

[@Guitarisforgrins]

bingo

[@nigelsayah2827]

#1- Trudeau#2-Trudeau #3 Trudeau #4 Trudeau.

[@boosterprime5757]

Came here to comment that!

[@lorainestjames4181]

Wealthy foreign and corporate investors have been buying over a third of all the porperties that have been for sale for the last decade. Flipping properties and over bidding has resulted in out of control prices leading to unaffordability for half the population. During the pandemic investors went on a buying binge that added to demand and property prices went up another 30 to 40 percent.

[@johnh23z]

I met a Hong Kong lady flipping Vancouver condos while on holiday on Van Island.

[@kathysmith6413]

i can give you fout reasons too it is called gredd greed greed and more greed.

[@shahadatmh]

You don’t need 4 reasons. Pause immigration and foreign workers for 5 years. Modify the IRCC and then resume the immigration or worker or students based on the benefits of Canada. Enough of research or conversation. Time to take tangible action.

[@whatever3749]

A 23% carbon tax hike yesterday will keep interest rates super high making affordable housing impossible. Who is resposible for that carbon tax hike?

[@garyfrancis6193]

The reason rents are so high is partly because prices of houses are so high people that normally would have bought a house can’t afford it so forced to rent. This has increased demand for rentals which drives the prices up.

[@pseudoscientist8010]

I can only think of two, immigration and bad govnt.

[@albertwong5793]

#1 allowing investors/corporations (the ones that buy ads on The Globe and Mail and donated to all political parties) to own single family housing

[@Mike_from_Canmore]

Also foreign ownership of residential property needs to be stopped entirely. There is no reason some chinese millionaire needs to own a bunch of property in Canada.

[@tehabnorm]

It's 100% government policy , 1 , shutting down businesses for cooties 2 while printing billions 3 bringing in record number of people ,4 taxing and restrictions

[@Sylvie_M]

How about people buy them at these prices? If people quit buying them at inflated prices the market would fall and they would become affordable again! Also, perhaps housing should not be seen as an "investment" any more. It didn't used to be something to invest in, it was your home.

[@stevef2305]

I agree. If people stopped paying these crazy amounts for houses, then the pricing may come down. Another thing is foreign ownership. We seem to have alot of non residents owning multiple homes and property for investment purposes. They don't live or work in the country or give a damn about the community. It shouldn't be allowed.

[@isuckbut906]

"It didnt used to be something to invest in" Haha what?? You know that land ownership is one of the oldest forms of investment in human history.. since we switched from a nomadic society to an agricultural one. Your comment is unequivocally false and misguided.

[@limolnar]

The solution is to cut all commercial and single-family development permits by 75%. That will put the focus back on multi-family and affordable housing. We need 100,000 units PER YEAR built in each of Toronto, Montreal, and Vancouver. This 2500 affordable housing units per year isn't going to cut it.

[@bekentech]

At the time of the $20,000 home, the minimum wage was around $1 an hour. So it was difficult to afford a home back then also. However, we did have a period where wage increases for the average person were stagnant while housing prices continued to rise at an escalating rate. Housing was left to the open market where the wealthy simply outbid everybody and left the middle to lower classes behind. So housing really is harder to afford, unless you are wealthy.

[@thegreatpotatokitty8196]

most of Ontario is living in homes way larger than necessary. leading to larger mortgages & utility bills.

[@weiyishen]

Is it true that the Canadian economy is based largely on real estate?

[@SSR2696]

Roughly 20% or 267 billion (canadian) dollars

[@weiyishen]

@@SSR2696 Would that represent a significant portion of the economy? Are there other industries that are 30, 40, 50 percent?

[@PatrickNovotny]

Natural resources. Raw export

[@MikeS-ry4ee]

1. Trudeau 2. Immigration 3. Liberals 4. NDP

[@TheTruthAlways]

5:06 32 months approval time up from 16 months in 2016. Thank you Liberals.

[@fastscpinc.5594]

There are 2 principal reasons for unaffordable housing: high interest rates to combat inflation (which they didn't) and government "red tape" that prevents building anything and prevents building efficient modern structures (I think at times, the government is stuck - not in the 20th century but in the 19th century). I recall in the 1980's that it took months for approves to build in Chicago and 2 years in Toronto. I see it is similar now. Governments gets in the way and contributes nothing.

[@boosterprime5757]

#1. The Liberal Party of Canada #2. The Liberal Party of Canada #3. The Liberal Party of Canada And in 4th place...you guessed it! The Liberal Party of Canada!

[@bocktoon5477]

The great Canadian scam. Wonderful country.

[@deftone330]

1) carbon tax 2) the budget will balance itself 3) 500 000 new immigrants a year 4) you will own nothing and be happy All thanks to Trudeau, Freeland, Singh and the WEF

[@philliplegare1899]

I can give one reason... Justin Trudeau 😂

[@jeffhutjens]

See above.

[@Azel247]

Housing was unaffordable a decade ago... it's not a recent problem. Don't blame the immigrants, blame the government for poor planning

[@andyscherer6936]

The new Liberal plan to boost housing buildouts won't help very much unless the housing can be purchased for under 350K. All the new houses I am seeing are over 700K. (ie..unaffordable) My retirement plans to move back to where i grew up in the country have been squashed because of housing costs, now I will have to slowly waste away depressed in my little rented box in the smelly hostile GTA. Not exaggerating.

[@Laissez-faire402]

4 reasons the Globe and Mail will gaslight you about housing...

[@micrasystems]

Federal Liberals and BC NDP are two reasons. 😅

[@TheTruthAlways]

What is the result of $89 billion Liberal National Housing Strategy?

[@EyeSee4.8]

A few more liberals friends get rich why do you ask.

[@Phlebas]

There is a decent chance that Pierre Pollievre will be the next prime minister. I'd be very curious to see if all the people blaming Trudeau will blame the next PM when housing prices continue to rise or if they'll just suddenly stop caring about the issue. Actually, my money is on them blaming minorities, because it's not really about the issue at hand so much as vilifying the people they don't like. Not a Trudeau fan, but considering that housing prices compared to income have been rising for several decades, this is clearly part of a larger systemic issue, sometimes exacerbated or sometimes mitigated by government policies or other economic happenings (here's a novel idea: let's listen to the video we're commenting under!). There's enough real stuff to criticize Trudeau over, no need to fish for grievances.

[@unreadmessages-tl6sd]

4 Reasons: Trudeau, Trudeau, Trudeau, Trudeau. Easy.

[@sarfarajjamalpur977]

Only government 😂😂who created house 🏠🏡 😔 marketing

[@scottyoung9365]

Trudue, liberal policies, free money, homes, education and healthcare for refugees and illegal immigrants, and carbon tax. 4 great reasons Canada is broke.

[@cdnhacker1906]

Justin, globalists, immigration and whyte supers

[@johnh23z]

tOOmany white peeple in Toronto

[@ariebossley2509]

LMAO. this is economy grade 2.

[@johnh23z]

Going to get worse. Prepare for homelessness.

[@mrstealyoblocks4473]

Liberals. Liberals. Liberals. Liberals. Enjoy getting Ratio'd on this one.

[@thegreatpotatokitty8196]

did a single person in these comments even watch the video? your trudeau hate train in pathetic, think for yourselves...

[@yvonneprimeau5475]

If you think foreign investment isn’t to blame, go to Vancouver.

[@Sophie-go3ql]

I've watched the video. A lot of reasons and conditions and contributing factors were presented. None of these would exist without being enabled by the Liberal policies of the corrupt and incompetent Trudeau regime. He should be tried for treason against Canada, and for divisive policies and his deliberate failures to protect the country and it's people.

[@jgriffin282]

Busy earning your grift money as usual. Blame everybody and everything except Trudeau.

[@user-gn9li5ly3n]

The great Canadian scam. Wonderful country.