Housing isn’t just an affordability issue – it hurts the economy more than you think
Canada’s housing affordability challenges are well-known. But while it’s usually seen as a household-level problem, it’s also a broader economic problem that could become a headwind for Canada’s economy.
Take Vancouver as an example. Strong demand for housing combined with restrictions on density mean that developers compete over a finite amount of land. This also pits residential and commercial uses against each other. This problem isn’t restricted to the port. Vancouver aspires to be a major tech hub. The city houses satellite offices for major tech firms such as Microsoft and Electronic Arts. But experts have said that future growth of the sector is in jeopardy because of the high price of real estate. To attract a bigger tech cluster – or perhaps just to maintain its current standing – the city needs more office space. And more places for people to live.
Last year, the housing crunch out east was so severe that the University of Prince Edward Island suggested that students who couldn’t find accommodation should defer their education for a term. Imagine if this issue becomes more widespread – high housing prices would be having a direct impact on the education levels of the work force. The impact of the real estate problem is compounding, and a housing crisis could soon become an economic one.
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