It's not news that the cost of buying a home in many parts of Canada is a struggle for younger people.
But with a federal election on the horizon, now is an important time to remind those vying to form the future Government of Canada that despite nominal declines in some housing markets over the past few years, the challenge of housing affordability remains large.
Really large. Average home prices in Canada are more than double what is affordable* for younger Canadians, according to research Gen Squeeze just released that illustrates the state of housing affordability in every province and major cities within them. In places like Vancouver and Toronto, prices are four and three times more expensive (respectively) than what a typical 25 to 34-year-old can safely pay. The study also shows these problems extend to places like Victoria, Kelowna, Hamilton, Kitchener, Ottawa, Edmonton, Calgary, Montreal and Halifax.
You can read all the details in our new report, Straddling the Gap. Or, watch this short animated video.
Then sign our Homes First petition calling on decision makers to make sure housing is a place to call home, not a way to get rich, for all Canadians.