The Decibel
Four reasons why you can’t afford housing
Apr 2, 2024
Jason Kirby, Matt Lundy, and Mark Rendell discuss the reasons behind soaring housing prices in Canada, construction challenges, declining productivity, inflation's impact on building supplies, and the demographic shift with seniors selling homes affecting future housing projections.
20:45
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Quick takeaways
- Long approval processes and construction delays significantly contribute to the housing crisis in Canada.
- Supply chain disruptions and inflated building supply costs are driving up housing prices across the country.
Deep dives
Housing Affordability Crisis in Canada
Housing affordability has worsened in Canada with ownership costs being the highest ever, consuming a significant portion of average Canadian incomes. In cities like Toronto and Vancouver, home ownership costs can exceed 80% and 100% of median household incomes, respectively. This disparity between income and housing costs has led to a challenging situation for many Canadians, highlighting the severity of the housing affordability crisis.
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