Is housing a federal government issue? It might not matter, experts say
Chris Burke and his fiancee have been less than a year away from buying their first home for the past three years.
Saving for a down payment was the first challenge. Now, rising interest rates have kicked home ownership down the road again, stalling the couple’s plans to get married and have children.
“Any gains we make towards purchasing a house, we’re watching the goalposts move further and further away,” the 31-year-old Ottawa resident said.
Feeling “stuck,” as Burke put it, is a sentiment shared by many young Canadians who are increasingly pessimistic about their home ownership prospects.
For the federal Liberals, the growing discontent with the state of the housing market is becoming a political threat.
“I’m a former Liberal voter,” Burke said. “I certainly wouldn’t be voting for them this time around.”
Experts say the housing crisis poses a great risk to the incumbent government in the next election if it doesn’t take drastic action soon.
“This has become probably the most important both economic and political problem facing the country right now,” said Tyler Meredith, a former head of economic strategy and planning for Finance Minister Chrystia Freeland.
“And especially given the significant emphasis the government has put on immigration and the relationship between immigration and the housing market, there is a need to do more.”
Conservative Leader Pierre Poilievre has taken direct aim at the Liberals for the state of the housing market, highlighting the dramatic increases in home prices, rents and even interest rates.
According to the Canadian Real Estate Association, the national average price of a home sold was $709,000 in June 2023, up from $455,000 in Oct. 2015, when the Liberals first came to power.
And the
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