Housing affordability as we knew it is done and saying otherwise misleads young adults about their potential to own a house in the city where they want to live
should be lower 12 months from now, and the Bank of Canada will likely be done with interest rate increases. Rate cuts would be next, a relief for mortgage holders and others in debt.
We know demand for housing will remain strong, though. Home ownership is part of the Canadian identity, and immigration is a factor as well. As of late August, the federal government was well on its way to meeting a goal of adding more than 430,000 permanent residents this year. With an aging work force and an insufficient supply of workers in the workplace already, we’ll need more immigration to keep the economy running.
But some homebuilders are shelving or suspending projects right now because of high rates and the resulting chill in the housing market. When construction roars back, expect to see lots of urban condos and townhouse developments, and communities of houses built ever farther from the city centre. If we level with young adults about housing, we’d suggest they look in these parts of the country for affordable housing, or in new communities on the outer urban fringe of cities elsewhere in the country. We’d talk up the social and financial benefits of co-owing houses with different generations of the same families. We’d show them the math of longer lifespans, which says you can buy a house in your late 30s if you plan to work past 65.
Philippines Latest News, Philippines Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
MY TAKE WITH SHELDON MacLEOD: Helping ants and grasshoppers | SaltWireIt's hard to imagine how difficult it's been for some people who have been without power for more than a week. And it looks like more help is coming with Prime Minister Justin Trudeau in Nova Scotia today.
Read more »
Kingston mayoral candidates discuss housing affordability ahead of electionAs people get ready to cast their ballots in Kingston’s municipal election, development and housing affordability and access are emerging as key issues.
Read more »
GOING WILD: Blue Jays ensure playoff baseball returns to Toronto this weekIt’s been six long years for the Blue Jays on so many levels of frustration and rebuild.
Read more »
World Arthritis Day: Atlantic Canadians struggling with debilitating pain find ways to keep moving on with life | SaltWireYoung and old sufferers will tell you it's not just limited to the physical discomfort it creates, there's an emotional and mental toll, too
Read more »
ParticipAction report card: Children, youth get D for physical activityA new study attempts to quantify what many parents likely already know: dismal activity levels for kids and youth fell even further during the pandemic, while screen time soared.
Read more »