Buying a house may remain out of reach for many Canadians for the foreseeable future, with mortgage costs unlikely to fall enough to offset lofty home prices and weak spending power, economists and real estate agents say. 0 Even with expectations that Bank of Canada will keep cutting rates in the coming months, the issue of home affordability - which has strangled Prime Minister Justin Trudeau’s poll numbers - is unlikely to fade before the next election.
The mandate for the Liberal minority government ends at the end of October 2025, but an election could come well before then, with the Conservative opposition spoiling to end Trudeau’s nine-year run at the top.
“You won’t get back to an affordable range for housing on a sustained basis for a decade,” Tony Stillo, director at forecasting and analysis group Oxford Economics, said last week at a conference.
The indoctrination part is that housing is an investment that will/should always go up. So yeah, you pay 700k now, but when you sell, it will be worth more.
And the big difference is that you could go on with your life never owning an old game and it wouldn’t matter. Housing is a basic human right. We are in a supposedly modern society, but increasingly more people are getting homeless because they simply cannot afford a basic human right. That’s fucked up.