Canada Mortgage and Housing Corporation’s (CMHC) central aspiration is that everyone in Canada has a home that they can afford and that meets their needs.
Unfortunately, we face immense affordability challenges in many parts of Canada and housing cost burdens for Canadians across the income spectrum. Clearly, Canadians with low incomes are suffering acutely from high housing costs, but lack of affordability is a problem imperiling the prosperity of all Canadians.
While lack of affordability is common, solutions must vary. While financial support and construction of more social & affordable housing will help those with lower incomes, there must also be increased supply of housing aimed at the market. The interconnectedness of housing means that both tracks must be pursued.
So, to overcome these affordability challenges, we need a range of government policies and investments stemming from several sources, notably the private and public sectors. The scale of the challenge is so large that the private sector must be involved – governments cannot do this on their own.
CMHC Deputy Chief Economist, Aled ab Iorwerth, takes a closer look at the housing affordability challenges facing all Canadians in his latest article, Governments alone cannot fix Canada’s housing affordability challenges.