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Image caption: Toronto billboard calls out Canada's housing crisis (CREDIT: TWITTER)
Image caption: Toronto billboard calls out Canada's housing crisis (CREDIT: TWITTER)
Commonwealth Business
Less than 1 min.Read
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Flashy announcements will not fix Canada’s housing affordability crisis!

Veronica Elishya
By Veronica Elishya
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OTTAWA (CU)_Historically low interest rates during the COVID-19 pandemic, together with heftier personal savings and house-obsessed millennials, sent Canada’s house prices soaring amid a dire shortage of units. According to the Canadian Real Estate Association, during the 12 months leading up to June 2021, the average home-sale price the North American nation escalated by 26 per cent to $679,000, as sales activity rose by 14 per cent. 

Meanwhile, the Canada Mortgage and Housing Corporation (CMHC) has already spent…

Veronica Elishya
Veronica Elishyahttps://www.commonwealthunion.com/

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