MEDIA RELEASE - Canadian housing crisis worse than ever as Liberals sit by

“It’s no secret that buying a house has become unaffordable in this country, making it an impossible dream for so many families,” said the NDP’s Critic for Housing, Jenny Kwan. “This crisis is only going to get worse as long as the federal government continues to allow housing to be treated like a stock market. Immediate action needs to be taken to crack down on speculation that is driving up the cost of housing."

The Parliamentary Budget Officer indicated that housing affordability will only continue to grow if nothing is done. Canada’s population-adjusted housing stock is the lowest in the G7, with Ontario, Manitoba and Alberta being the worst affected provinces. In Ontario alone, 650,000 units would be required to reach the same level of homes per capita as the average in other provinces.

OTTAWA – Two new reports released this morning reveal what Canadian families have been experiencing for years: the cost of housing in Canada is skyrocketing making it out of reach for many. Meanwhile, the Liberal government's response to this escalating crisis is more talk instead of action. New Democrats have and will continue to push and advocate for tangible actions so that access to safe, secure, affordable housing is a basic human right, and for those who dream of buying a home so they can have their dream come true.

“It’s no secret that buying a house has become unaffordable in this country, making it an impossible dream for so many families,” said the NDP’s Critic for Housing, Jenny Kwan. “This crisis is only going to get worse as long as the federal government continues to allow housing to be treated like a stock market. Immediate action needs to be taken to crack down on speculation that is driving up the cost of housing."

The Parliamentary Budget Officer indicated that housing affordability will only continue to grow if nothing is done. Canada’s population-adjusted housing stock is the lowest in the G7, with Ontario, Manitoba and Alberta being the worst affected provinces. In Ontario alone, 650,000 units would be required to reach the same level of homes per capita as the average in other provinces.

New Democrats are urging the Liberals to build 500,000 affordable units to address the country’s affordable housing supply shortage. We are also calling on the federal government to establish a fund for not-for-profit organizations to acquire residential housing that comes onto the market; immediately put a moratorium on the acquisition of affordable homes by Real Estate Investment Trusts; and establish a meaningful foreign buyer's tax to stop rich investors from treating our housing market like a stock market and driving up prices.

“I have heard from too many Canadians who don’t think they will ever be able to buy a home. That’s not right,” added Kwan. “Trudeau made a lot of big promises on housing during the election, it’s time he stuck to them. New Democrats will keep fighting to help families find a place to live.”

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