Housing Affordability: How Did We Get Here?

Dearest Friends,

By now, you've probably heard a thing or two about Canada's housing affordability issues. Once a problem found only in major city centres, housing affordability now affects just about every real estate market from coast to coast -- but how did we get to this point? 

The Canadian Mortgage and Housing Corporation (CMHC) considers housing affordable when a family spends less than 30% of its pre-tax income on adequate shelter. By this definition, affordable housing has not been found in major city centres for quite some time. Canada outpaces both Europe and the US when it comes to income-to-house price ratios, and has the lowest number of housing units per 1000 residents of any G7 nation. 

Lack of housing supply lies at the heart of the issue, especially as Canada's population grows. Government policy has lagged behind on this issue; solutions to the problem focus on creating housing only where high demand already exists, after a crisis point has been reached. Similarly, immigration to Canada is ramping up without any coordinating policy to increase housing in alignment with household formation. 

So, what's to be done? Initiatives are underway at the federal, provincial, and municipal levels to address housing affordability in Canada. Next month, we'll talk about where we go from here. 

If you would like to connect with us sooner about the local market, feel free to email or call Rachel any time at rachel@rachelhammer.com or 613-369-8314. We are always here and happy to answer any of your questions or concerns about your real estate needs and goals.

 
Sincerely,

The entire team at rachelhammer.com 
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This Month's Question:


What year did bus manufacturers adopt yellow as the official colour of school busses? 
 
The first five individuals to respond correctly will win a $10 Starbucks gift card! Email your answers to info@rachelhammer.com
 
(Only one winner per household will be awarded a gift card and all previous winners must wait a minimum of 30 days before being able to win this trivia question) 

Last month's question: The month of July was named after which historic figure? 
Answer: Julius Caesar 
 

Congratulations to: 

Melanie D., Aditi Sane K., Paul F., Darcy R., and Tammy M.,  who won last month's trivia!



 

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