The Canadian Rental Housing index lists many of Canada's major metro regions in critical condition or severe condition with many smaller cities and rural regions in severe or poor condition.
As far as home ownership goes, a generation ago it took the average Canadian 5 years to save a 20 per cent downpayment on a home. Today, the Canadian average is 12 years. In Toronto it's now over 20 years. In Metro Vancouver, it's at 23 years (and climbing).
Many see no choice but to leave their communities, taking their energy and talents with them. Many others make significant sacrifices in order to stay. Others are reaping windfall gains in equity or have already cashed out, but nonetheless recognize the situation as being ludicrous.
The housing crisis is part of a larger affordability crisis, or squeeze, hitting younger people especially hard (though impacts are felt across all ages).
Especially maddening: massive influxes of international capital pulling markets skyward; shady profiteering within the real estate industry; vacant homes hollowing out our neighbourhoods; unstable, unaffordable or poor quality rentals.
Bottom line: we need our politicians to step up. We're calling on Canadian municipal, provincial and federal politicians to support a policy principle of Homes First, investments second.
