“The high cost of housing in Canada is the most urgent financial issue facing Canadians today,” says the Federation of Canadian Municipalities in a news release. It says polling numbers show “one third of families are struggling to pay for the growing costs of housing.”
Wait lists for subsidized housing are growing and one in five people who rest are spending more than half their before tax salary on shelter.
‘Economy at risk’
Particularly hard hit are newcomers, indigenous peoples, single mothers and seniors who live alone, says the FCM. It adds that Canadians are going into record levels of debt to pay for housing and that is putting the economy at risk.
The Canadian government appears to agree and has recently passed more stringent rules on how much debt people can incur for buying property.
Billions in spending called for
The cities are calling on all levels of government to develop “a credible long-term housing plan.” It says a housing strategy needs to set aside $12.7 billion over eight years to deal with housing issues.
The government which came into office one year ago is holding its final day of public consultations on housing. It will release results on November 22, which is national housing day.
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