Trudeau Still Doesn’t Know How to Fix the Real Estate Problem
When asked about the government’s plans to address the commodification of housing in his country, Canadian Prime Minister Justin Trudeau had much to say about nothing.
“We do know that one of the factors that is challenging for so many people is the commodification of housing, the fact that people are using homes and houses as an investment vehicle … rather than families using them as a place to live, to grow their lives, to build equity for their future,” he commented, effectively reiterating the question.
“We have been working with partners and will continue to work, including the Minister of Housing and the Finance Minister to create conditions in which housing can and should be owned by people who are living in them,” he said.
2021 data from Statistics Canada revealed that investors own 43% of all condo apartments in Ontario, and a range of 14% to 21% of all houses. They also have a stranglehold on newly constructed properties, owning 57% of all condo apartments built in the past five years and 16% to 33% of houses built during the same period in Ontario. The figures are around the same for BC and Vancouver.
While Trudeau blames previous governments for underinvesting in housing, the commodification issue appears to have been going on during his watch. And, at this point not surprisingly, Trudeau’s government has yet to provide an answer that can sufficiently placate an increasingly frustrated public.
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