Unraveling the Housing Crisis Canada

The Canadian Dream: A Home of One’s OwnFor many, owning a home in Canada is more than just real estate—it’s a cherished dream. In a survey by Statistics Canada, nearly 66.5% of households owned their homes. Yet, the 2020s introduced a growing housing crisis in Canada. The Canadian housing market’s average prices skyrocketed, with cities like Toronto witnessing a housing shortage. Driven by increased immigration and low interest rates, demand outstripped supply, causing some economists to speculate about a housing bubble burst.The housing affordability dream seems distant, especially for millennials. The percentage of individuals aged 25 to 29 who owned homes decreased from 44.1% in 2011 to 36.5% in 2021.This shift impacts the Canadian economy, labour force, and individuals grappling with mounting Canada mortgage. As we explore the depths of this housing crisis, it’s crucial to understand its ripple effect on every facet of our nation.Zooming in: The Heart of the Housing CrisisThe housi...