The housing crisis in Canada is one of the most pressing issues facing our country today. With a population that is quickly growing and with an increasing number of immigrants arriving, the demand for housing has skyrocketed. The problem is further compounded by sky-high real estate prices and a lack of available housing supply. To make matters worse, government policies have only exacerbated the situation.
At the federal level, immigration policies have been adopted that increase the number of permanent residents from 465k to 600k per year over five years – this increase in population has placed immense pressure on our already-strained housing system. This influx of immigrants combined with low wages and high home prices means that Canadians are struggling to afford even basic necessities like rent or mortgages – leading many to delay having children or living with their parents well into adulthood.
At a provincial level, red tape and restrictive zoning laws have made it difficult to build new homes at a rate that meets demand – resulting in an aging infrastructure and soaring property taxes which further add financial strain on households across Canada.
To solve this complex problem requires more than just bad policy adjustments; there needs to be meaningful change within Canadian society as well as increased investment into sectors such as construction and modular home development so that we can meet our growing population’s needs without sacrificing quality of life for current residents or potential newcomers alike. With proper government support, Canadians can finally look forward to having access to affordable homes while still being able to enjoy their lives without fear of financial insecurity or homelessness due to skyrocketing real estate prices.
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Author Eliza Ng