City hall holds the key to solving Canada’s urban housing crisis
For mayors, councillors and city staff in Canada’s largest cities, housing affordability is – or should be – top of mind.
With the cost of owning a home out of reach for many, and the ability to rent hampered by virtually non-existent vacancies in the greater Toronto and Vancouver areas, there’s a clear shortage of homes where they’re most needed. This is bad news for anyone looking to settle in these cities, as limited housing options coupled with a growing population push prices up.
But the consequences of this shortage go far beyond families and individuals struggling to keep pace with living costs. A tight housing market (where prices are high and vacancies are low) can also hurt labour markets, with growing businesses unable to attract and retain workers.
Canada’s economy depends on healthy housing markets and healthy housing markets depend on a responsive, growing housing supply.