Ottawa, ON – After eight years of Justin Trudeau, housing has never been more unaffordable for Canadians. Before Trudeau, it took 25 years to pay off a mortgage – now, it takes 25 years just to save for a downpayment. Things have gotten so bad that some families are forced into 90-year mortgages that they will never pay off. Only in Canada has housing become so unaffordable so quickly. Toronto is ranked as the world’s worst housing bubble, and Vancouver is the third most unaffordable housing market on earth.
In order to restore housing affordability, Trudeau’s own Canada Mortgage and Housing Corporation said in September that Canada needs 3.5 million new homes by the end of the decade. But yesterday, they admitted to a Senator that Trudeau has no plan to close this gap:
SEN. MARSHALL: I just need an answer. Is there a plan yet?
CMHC CEO: No, there is not a plan.
This was not an opposition MP accusing the government of not having a plan. This was Justin Trudeau’s own housing agency admitting that after eight years Trudeau still has no plan to restore housing affordability for Canadians. So far, Trudeau’s only plan has been to massively inflate the cost of housing with relentless and irresponsible money printing that floods our financial systems, profits the big corporations and doubles housing costs, while he inflates the bureaucracy that blocks home building. He’s since come up with a $4 billion housing accelerator plan where the money is going to build more local bureaucracies not more homes. Thanks to this, Canada is currently building less homes than we built in the 70’s, when we had half the population. This is why Pierre Poilievre introduced his Building Homes, Not Bureaucracy Act, to increase incentives to municipalities that built homes while punishing municipalities that continue to stand in the way of development with NIMBY policies. Only common sense Conservatives will bring the solutions that Canadians need by bringing homes that they can actually afford.