Trudeau: Immigration to Blame for High Housing Prices? Ramping up immigration targets without a housing supply strategy was a policy error. National home Prices doubled since Trudeau entered office in 2015 .
Good morning, Prime Minister Jeff out that from the Waterloo Region record, I want to return to housing for a second here. My son 25 years old still lives at home with us college grad good paying job, he laughs off the idea that he’ll ever own a house, a detached house like the one he lives in now that we were able to afford 25 years ago. He just thinks it’s a joke. The housing prices are ridiculous, there’s no way he’s ever going to be able to afford the kind of mortgage it would take crippling for life. So I want to ask your thoughts on that those, you know, people starting out in their 20s and early 30s. What do you say to them? Do you say give up on detached ownership and go for something smaller, and it’s a dream that’s dead? You’re never gonna get there? Let me ask how you feel. Obviously,
I’ve heard from Canadians, like your son, across the country who are really worried about the housing market who wonder whether or not they’ll ever be able to afford a home. One of the challenges we’re facing in Canada is our population with immigration and other things has been growing over the past years, and housing construction hasn’t kept up, which is a real problem. And that’s why one of the initiatives, we’re working on $4 billion towards municipalities in order to double the construction of new housing over the coming years.
This is something that is going to help, whether it’s enough or directly going to be helping your son, we’ll have to see because there’s not just one program that’s going to help anyone there’s going to be a range of programs from programs of renting to own that we’ve launched as well in this budget from programs that are helping the first time home buyers with increased incentives and reduction in their mortgage mortgage costs, initiatives to build greater density, particularly around public transit that are going to allow people to get into the housing market with their first starter condo starter home. These are the kinds of things that get people’s toes in the door. We know that young people need to be able to build the stable base with which they want to start a family give their future kids the kinds of opportunities that their parents worked hard to give them. And that’s what this budget and this focus of the government is on right now. But it’s not going to be easy.