Politicians are generally not in the business of saying things that voters don’t want to hear
Update for 2024: Every Canadian politician wants to talk about a euphemism called “housing affordability” – and nobody wants to talk about lower housing prices.with The Globe ’s City Space podcast, Prime Minister Justin Trudeau was asked whether making housing less unaffordable would mean current homeowners accepting a reduction in the value of their homes.
To cut Mr. Trudeau some slack for the muddle of an answer, this isn’t an easy question for any politician. The math isn’t hard; the politics are. Conservative Leader Pierre Poilievre’s slogan is “build the homes,” not “lower the price of homes by building more of them.” For obvious reasons. The rise in mortgage rates since 2022 helped write the latest chapter of Canada’s housing unaffordability saga, but that came after three decades of rising home prices. Interest rates were long on a downward escalator, which repeatedly raised the size of the mortgages people could afford, thus raising housing prices. Construction also didn’t keep up with population growth, further fuelling prices.
Since 2005, home prices in Hamilton have risen faster than those in Toronto, according to Teranet-National Bank. That’s also true in Oshawa, Kitchener-Waterloo and Guelph. Barrie and Niagara region prices have increased at an only slightly slower pace than those in Toronto.to quality for a mortgage on the average home – that’s a house, townhouse or condo – in still-affordable Edmonton is $109,000, according to National Bank. In Calgary, it’s $150,000. But in the Toronto region, it’s $243,000.
Prices Home Price Toronto People House Kind National Bank Niagara Globe
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