It is simply not true that Canadian home prices accelerated nearly as quickly under Harper
Since Trudeau took power in 2015, national home prices have skyrocketed at unprecedented rates, particularly when compared to largely stagnant incomes.the non-partisan Parliamentary Budget Officer , the average Canadian home price was $413,000 in 2015. By late 2021, the average was $811,700–– a 96.5 per cent increase.
While Blaikie used an obscure example of a house in Winnipeg selling for $30,000 in 2004, $60,000 in 2007 and $120,000 in 2012, not only was this rate of increase rare in Canada at the time, the gap between wages and affordability was not nearly as wide. It’s disingenuous to pretend affording a $60,000 or even $120,000 home is in any way comparable to the $800,000 or more young Canadians are faced with today.
In recent years, home prices in many markets across the country have increased by 20, 30, and even 40 per cent. The early 2000’s period Blaikie references sawin the single digits. His cherry-picked Winnipeg example paints a wildly inaccurate picture of the times to those who might have been too young to remember otherwise.
Home price increases since 2015 coincided with the massive immigration increase championed by Trudeau. Acknowledging this isn’t to lay blame at the feet of immigrants or say we shouldn’t welcome many of them, but to point out the simple truth that the Liberals’ immigration plan irresponsibly ignored housing implications. They scaled immigration to historic highs, now nearly 500,000 newcomers per year, with no plan as to where everyone would live.
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