Will we see generationally fair housing policy in budget 2024?

“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. His recent remarks at the National Housing Conference signal that Canadians harmed by crushing unaffordability may now have an ally in solving the generational tensions at the heart of our housing system.

“I can tell you that everybody I talk to my age and younger… has a very, very different perspective on housing than everybody older than me… They’re worried about whether they can keep running the place that they have right now, or whether they need to take on another roommate in order to pay rent this month. They’re wondering if they’ll have to change careers or even leave the place they call home just so they can find a place to live that they can actually afford.”

This housing grief won’t come as a surprise to Gen Squeeze followers. We’ve been sounding the alarm for years about the growing gap between local earnings and housing costs. But it’s great to see that Minister Fraser affirms that the National Housing Strategy will target this generational unfairness.

“[T]he last major theme is really tackling the issue of generational fairness. Making sure that young people in this country can afford a place to rent if they choose and make sure that the dream of home ownership doesn’t escape them. Those are the big themes you should expect to see out of our housing plan.”

With the federal budget right around the corner on April 16, Fraser’s comments are especially welcome. Gen Squeeze has been invited to dozens of meetings with the federal leaders shaping the budget. Each time, we bring to the table practical policy solutions — and the power of a network of 43k+ Canadians. The Minister’s comments show that our efforts are paying off.

Now we need the Liberal government to back up words with actions and dollars in Budget 2024.

A good first step would be following our budget recommendation to organize all housing policy around the goal of home prices stalling, so earnings can catch up. Happily, new data show that we’re inching in this direction. Over the last two years, home prices actually dipped slightly across Canada — including in high-price jurisdictions like BC and Ontario.

Minister Fraser affirms that he’s “just not willing to accept that an entire generation of young people will never be able to own a home in this country.” We’re not either — and I bet neither are you.

Let’s make sure Budget 2024 delivers on this ‘line in the sand’ with concrete steps to restore affordability, and replace young people’s housing grief with housing hope. Tell Minister Fraser that he’s right to call out the need for generational fairness in our housing system — and let him know that you expect to also see generationally fair housing policy in Budget 2024.

You can tweet him @SeanFraserMP or reach him on Facebook at SeanFraserMP but the most impactful communication is by email: [email protected].

Plus, stay tuned for our federal budget analysis at budget season 2024 and in the Globe & Mail.

Source: Canadian Real Estate Association