Homeownership, once an exciting cornerstone of adulthood, feels increasingly out of reach for many Canadians — especially young adults, who are losing hope of ever owning their own home. According to a new report from the Senate Committee on Banking, Commerce and the Economy, all levels of government have contributed to housing unaffordability through elevated government charges on new housing, excessive delays in approvals, high regulatory burden and poor alignment of housing solutions.
The report, Out of Reach: Unlocking Canada’s housing affordability crisis, makes 12 recommendations to achieve key housing goals: lowering prices and increasing supply, cultivating a robust housing sector and improving access to housing for all Canadians.
The committee believes the severity and urgency of Canada’s housing crisis require swift and co-ordinated action from all stakeholders and levels of government.
