It is rare for senior Canadian politicians to admit that home prices will need to stall if we actually care about affordability
“One of the things we know is that house pricing cannot continue to go up.” So said the Prime Minister at a recent press conference in London, Ont.
By disrupting this political pattern, the Prime Minister signals a clarity of purpose for change in our housing system that has not existed in my lifetime. Housing should be for homes first, and investments second. Unfortunately, measures of GDP will not capture this economic improvement. In the short term, stalling home prices are likely to slow GDP as the economy recalibrates. But we shouldn’t penalize politicians for this temporary lag as they courageously oversee the transition. The recalibration ultimately will help incentivize investment in industrial sectors other than real estate that have greater potential to increase productivity – which is necessary to wages to grow.
Since 1977, Canadian homeowners have gained trillions in housing wealth – most of it sheltered from taxation. In the light of such windfalls, it’s not surprising that many of us have come to bank on our home as an investment that will simply keep rising in value.
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