![]() Policy-makers and the public have been debating the sources of our housing affordability challenges and what governments ought to do about them for several months. Today, the Macdonald-Laurier Institute releases a new study setting out recommendations to promote and support affordable and responsible homeownership by Sean Speer and Jane Londerville. But there is a risk that the wrong policy mix could put homeownership further out of reach for more Canadians. It is soon expected to release its much-anticipated National Housing Strategy. To its credit, the federal government has recognized this growing problem. Vancouver is now the only Canadian city with average prices – for both ground-level houses and condos – exceeding $1 million. ![]() The average home now costs roughly $875,000 and average detached homes have reached nearly $1.6 million. Just consider that Toronto’s housing prices jumped nearly 33 percent in 2016 alone. Toronto and Vancouver are now among the least affordable cities in the world. ![]() The next generation of home-buyers are rightly wondering if they will be able to realize the many benefits of homeownership. 15, 2017 – Many Canadians are increasingly worried about being able to afford a home, particularly in major centres. Authors Sean Speer and Jane Londerville recommend that Ottawa’s pending National Housing Strategy promote and support homeownership by encouraging savings, reducing mortgage insurance fees, and placing a hold on changes to mortgage and financing rules. ![]()
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