Ottawa, ON – After nine years of Justin Trudeau, Canada is experiencing a massive housing shortage that has made life unaffordable. Rent has doubled, mortgage payments have doubled, and so have downpayments. Canadian cities are now among the least affordable on earth.
Despite spending billions of dollars, Justin Trudeau is still failing to build enough homes. This was confirmed today in a report from Statistics Canada, which revealed that total residential building investment had fallen by 16% when comparing the last 12 months to the previous 12 months.
In total, investment in building construction declined by 11% year-over-year. Already, the Parliamentary Budget Office has reported that Canada needs 1.3 million more homes than what is already forecasted to be built to restore affordability. This confirms previous projections from Justin Trudeau’s own housing agency who reports that Canada needs to build 5.8 million homes by 2030.
As a direct consequence of Trudeau’s failure to encourage investment, the cost of rent is now 8.8% higher than it was one year ago, which means the cost of rent is far outpacing wage growth. Nobody can afford this.
Only Common Sense Conservatives have a plan to build the homes by linking federal infrastructure money to homes built.