FOR IMMEDIATE RELEASE
Ottawa, ON – Pierre Poilievre, Conservative Shadow Minister for Finance, today called for an immediate resumption of Finance Committee to hold hearings on Canada’s housing inflation crisis.
“Canada has a housing inflation crisis. At the start of the pandemic in March 2020 the national average price for a home was $540,000. In November 2021, the national average home price was $720,850—a 33 per cent increase. The cost of real estate climbed $120,000 from November 2020 to November 2021, the largest increase ever recorded according to the Canadian Real Estate Association. Housing prices are expected to climb an additional 9.2 per cent in 2022, worsening the crisis and putting homeownership further out of reach. IPSOS research finds that 85 per cent of millennials want to own a home but can’t afford one.
“Canada’s two biggest cities, Toronto and Vancouver are among the worst housing bubbles in the world. Toronto ranks as the second-worst housing bubble in the world, according to data released by UBS.
“Inflation has skyrocketed to a 30-year high in Canada. Our national debt has soared to over one trillion dollars. The central bank has flooded financial markets with over $400 billion in newly created cash since the COVID pandemic began. Canada now faces a dangerous housing bubble.
“As Canada’s inflationary housing bubble continues to grow, the Liberal government’s response is more inflationary fuel on the fire. Finance Minister, Chrystia Freeland refuses to acknowledge the problem even exists. If the Liberal government will not work to end Canada’s housing inflation bubble, the Finance Committee must resume to propose solutions to make homeownership a tangible goal, not a distant dream for aspiring homeowners.”