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The federal Housing Minister, Gregor Robertson, told the House of Commons finance committee that while Canada is in a full-blown housing crisis, what needs to change is the average cost of housing, not necessarily the price of every existing home. He acknowledged the dramatic rise in home-prices over decades, saying that affordability has steadily eroded and action is required.

Robertson explained that the government’s approach centres on boosting the supply of non-market and affordable housing as a key lever to bring down average housing costs. He responded to an opposition question about his earlier comments (in which he had said home-prices need not fall) by clarifying that his focus now is on lowering the average price, rather than necessarily reducing values of existing homes.

To support this, he pointed to legislation such as the tax relief for first-time homebuyers (up to C$50,000 tax break on new homes) and the newly launched federal agency to build affordable housing. But he also emphasized the challenge: in regions like the Greater Toronto Area and Metro Vancouver, saving for a 20 % down-payment has stretched to decades for younger buyers.

Read the full article on: CTV NEWS