![]() Today, the Macdonald-Laurier Institute releases a new study setting out recommendations to promote and support affordable and responsible homeownership by Sean Speer and Jane Londerville. But there is a risk that the wrong policy mix could put homeownership further out of reach for more Canadians. It is soon expected to release its much-anticipated National Housing Strategy. To its credit, the federal government has recognized this growing problem. Vancouver is now the only Canadian city with average prices – for both ground-level houses and condos – exceeding $1 million. The average home now costs roughly $875,000 and average detached homes have reached nearly $1.6 million. Just consider that Toronto’s housing prices jumped nearly 33 percent in 2016 alone. Toronto and Vancouver are now among the least affordable cities in the world. The next generation of home-buyers are rightly wondering if they will be able to realize the many benefits of homeownership. 15, 2017 – Many Canadians are increasingly worried about being able to afford a home, particularly in major centres. Authors Sean Speer and Jane Londerville recommend that Ottawa’s pending National Housing Strategy promote and support homeownership by encouraging savings, reducing mortgage insurance fees, and placing a hold on changes to mortgage and financing rules. ![]()
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