Evan Siddall, the president and CEO of the Canada Mortgage and Housing Corporation said in an interview warning Canadians that homeownership is “fading” when he recently delivered a speech to an Australian audience.
He said in a video in Sydney “The dream homeownership may be fading for some.” He said this in a housing conference in Sydney.
Siddal also went on to say “Housing affordability has become a serious problem in our major cities, a factor that may help explain why homeownership rates have been declining,” this statement was from a transcript of his remarks.
“This is not a phenomenon specific to Canada and Australia is being experience in other industrialized economies as well.”
Not long ago, a census was done for the first time in decades between 2011-2016 and indicates that the number of homeowners in Canada have dropped. In 2016, 67.8 per cent of Canadians owned their own homes, contrasted to 2011’s 69 per cent change.
Due to the rising price, house have become very hard to get in recent years. The data from the census shows that 50.2 per cent of the generation Y have their own home by 30, and 55 per cent or less are among boomers, an early generation. This slump started when prices started rising, this therefore took affordability to its worst level in years in Canada’s priciest cities. In Toronto, the prices of houses were at least affordable plus it has been so for up to twenty-five years, however Vancouver has been on its worst path.
The federal Liberal government declared publicly a 10-year $11 billion nation housing project that consists of a compact housing advantage for low-income tenants. This will assist 300,000 households with the cost living. The government plans on spending billions improving 300,000 already existing affordable housing units and also building an additional 100,000.
Siddall expressed the proposed housing strategy as a ” game changing” project that intends to bring down the number of households in “housing need” by 530,000.
Nevertheless some critics say that the strategy only focuses on low-income tenants and will do little to help with housing affordability for the middle class.