Housing news & insights

The political bargain we’ve struck in Canada obliges younger people to compromise their standard of living to protect the housing wealth accumulated by homeowners who have come before them. It’s time to acknowledge this – and to compensate young people for their profound expression of intergenerational solidarity.

New global, national and provincial commitments make 2024 a stand-out year for generational fairness. This Global Intergenerational Fairness Day, young and old Canadians alike should take pride in the progress we’ve made. Join us in marking the day on November 16.

Too often industry and media portray the housing market as “strong” when prices rise, and “weak” when they stall. But too many Canadians, especially younger folks, are unable to afford homes whether as owners or renters. So, we should be describing the housing market as strong when prices don’t rise, and weak when they do.

Correcting the age-imbalance in government budgets is the least Canada can do to compensate younger folks for the political calculation that they must forfeit some of their standard of living to safeguard the housing wealth gained by many older Canadians.

Canada’s ‘Fairness for Every Generation’ budget is inspiring others in our global movement. Leaders from the Berkley Institute for Young Americans in California are calling on their state to look to Ottawa for inspiration.

Canada’s Gen Fairness budget is getting noticed around the world. Our colleague from the UK’s Intergenerational Foundation, Liz Emerson, took the time to share her thoughts on the promise of generational fairness at the heart of Canada’s recent federal budget

Owning a cottage or investment property is no longer a middle-class reality. It’s a sign of affluence in a country where rent and home ownership are so much more expensive for younger residents today than when baby boomers were young. More, not less, taxation of second properties is required to protect younger Canadians in the housing market, fill the revenue hole left by governments that did not plan adequately for boomers’ retirement, and spur productivity.

The federal government is already demonstrating that ‘fairness for every generation’ isn’t just a convenient slogan. Every day since March 27, the Prime Minister has announced concrete policies to improve affordability for younger Canadians — policies which align with ingredients in our comprehensive housing and family solutions frameworks. Here are our takeaways on recent budget promises about restoring housing affordability and supporting young families, along with questions we'll be asking when the budget is tabled.

“There’s a generational divide right now in this country between people who got into the housing market at a time when that was a reasonable thing to do regardless of how much money your parents had in their bank account.” You might think that Gen Squeeze wrote that line. But we’re happy to report it’s from another important voice: Federal Housing Minister Sean Fraser.

Deficits generally are no longer partisan or ideological. They reflect a structural problem in government budgets. Unfortunately, the vitriol that often accompanies talk of taxation impedes the genuine dialogue required to fix this problem, inclining politicians to shy away from speaking hard truths about the fiscal reckoning we now face. Older affluent voters, we need your help to address this problem.