For years, Canadian politicians have been debating how they will handle the housing crisis in Canada. If you neither own a home nor really pay attention to politics, you’ll be wondering what exactly it means for a country to have a housing crisis. The housing crisis itself is pretty straightforward – what isn’t straightforward is how to solve it. Let’s get into this issue.
On the one hand, we have rising costs of living, including not only home ownership but also rent, utilities, etc. On the other, we have people coming into different parts of the country who are able to buy houses and are contributing to the rising costs of housing all across the country. Despite the fact that there are people who can afford homes, there are many for whom the majority of their paycheck goes to their rent or paying their mortgage.
Ultimately, what a housing crisis refers to is that the cost of housing is more than the income of Canadians. On top of this, the population continues to grow, demand for housing goes up, and so do the costs.
The answer seems simple – make the cost of housing proportional to the income of Canadians. However, it’s not that easy. For one, provincial and municipal bodies diverge on how to handle demand for housing; this is because there are many who are choosing to move to Canada, and likely not enough housing for everybody. Currently, the population is 38 billion people, but this is expected to rise to 46.5 million by 2043. Where is everyone going to go? And how are we going to build – upwards, or outwards?
At the provincial government level, officials would be comfortable with building upward, but municipalities are aware that skyscrapers may be uncomfortable and irritating to neighbors, and are unwilling to aggravate them and place added strain on themselves dealing with complaints. Places such as Winnipeg, however, have started to extend their borders and are building out instead of up, as they have also had a surge in their population.
So, what does Canada’s housing future look like? It’s impossible to know for sure, one can only guess. What we do know is, if you need help reducing your home-related expenses, we can help you when it comes to your furniture. Please contact us at the JRCC Furniture Depot if you need help, we’ll be happy to help you.