Some Problems to be Addressed

After doing some more research into the topic, I've come to the conclusion that there are 3 main catalysts for this Housing Crisis. Obviously there are other issues but these seem to be the big ones...

1. A Surge of Immigration Without the Resources to Support It: Canada's population is growing rapidly which has caused an increased demand for housing. The housing construction industry has not been able to keep up with this demand. There are laws in place that restrict building in many areas making it difficult to house people. We also had a shortage in skilled trades workers which does seem to be improving, but a lot more still needs to be done.

2. Financialization of Homes: A growing trend in Canada is the use of properties as an investments rather than primary residences. 1 in 5 Canadian homes are investment properties. That means 1 in 5 Canadian homes could be used to house people, but instead are being used as an investment. Not only does this limit the supply, but it drives up prices even more.

3. Inflation: To put it simply, everything is becoming more expensive, and wages are not increasing along with these prices. The unfortunate truth is that even if there was more available housing, the average Canadian would have a hard time affording it anyway. A lot of Canadians are spending more than 30% of their income on housing. On top of this, they are struggling to afford basic necessities like food, and transportation.