As Canada heads to election, soaring housing costs and exodus from cities emerge as top issues

Canadian voters are seeking a government that will make putting a roof over their heads cheaper, as the country witnesses a housing crisis ahead of April 28 elections.

Urban dwellers in Canada are finding it extremely difficult to buy or even rent homes in cities due to soaring prices. First-time buyers are unable to purchase their dream homes in urban centres and suburbs, as they have now become the places where the world’s most expensive homes are listed.

How expensive are homes in Canada?

In Toronto, the benchmark price for a single-family home, based on an index used by Canadian real estate agents to track sales, is now approximately 1.4 million Canadian dollars, up from 970,000 CAD in 2020.

In Vancouver, prices are even steeper, with the standard home now costing around two million CAD, compared to 1.4 million CAD five years ago. Meanwhile, the average rent in Vancouver is about 2,500 Canadian dollars per month.

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Canadian voters have blamed the Liberal Party for the housing and affordability crisis that has pushed many out of their homes. Besides expensive homes, people in Canada are also facing higher prices for groceries and gas.

Carney has a plan

Canadian Prime Minister Mark Carney, the leader who is ahead in polls, seems to have a plan to mitigate the crisis.

Last month, Carney announced his signature housing policy that promises to double the construction of homes in Canada to nearly 500,000.

“My new Liberal government is flipping the script on housing with a new approach to build faster, build smarter and to build more affordably,” Carney said during a campaign rally.

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To achieve this, a Carney-led Liberal government proposes establishing an organisation called Build Canada Homes (BCH), which would function as a developer responsible for overseeing the construction of affordable housing across the country.

Under BCH, the Canadian government will offer $10 billion in low-cost financing and grants.

“We will immediately develop homelessness reduction targets with every province and territory to inform housing-first investments, improve access to treatment and end encampments community by community,” Carney’s campaign said in a statement.