Canada is facing a big problem with housing. Many Canadians, especially those with lower incomes, are finding it hard to afford a place to live. The cost of housing is going up really fast, mostly because there aren’t enough houses to go around. This problem isn’t just in one area; it’s happening all over the country.
Housing Struggles Across Canada
About 2.6 million Canadians are in serious need of housing, with each province and territory facing different challenges. Several things have made the situation worse, including a decrease in community housing. Community housing is very important, and its lack is affecting many people.
Community Housing and Economic Growth
The Canadian Housing and Renewal Association (CHRA), along with other partners, asked Deloitte to study how community housing affects Canada’s economy. The study found some important things:
- There is a strong link between having more community housing and better economic growth.
- If Canada can increase its community housing to the average level of other developed countries by 2030, our economy could grow by 5.7% to 9.3%.
- This growth could add $67 billion to $136 billion to Canada’s economy without causing more inflation.
- CHRA believes that the benefits to the economy will be bigger than the costs within two years of reaching this housing goal.
The report also explains that having more community housing helps the economy by solving problems like people living far from good jobs, poor living conditions affecting education, and money being spent on housing instead of improving skills.
Recommendations for Action
To fix the housing problem and help Canada’s economy, the report suggests five main steps:
- Invest more in community housing to boost the economy.
- Provide steady and reliable funding to build new homes and help community housing providers.
- Give special funding for housing in urban, rural, and northern Indigenous areas.
- Improve teamwork between provincial governments, cities, and builders to solve the housing crisis.
- Encourage Canadian innovations to build houses faster, greener, and cheaper.
The Need for Change
Over the past 25 years, Canada’s population has grown by almost 30%, but our investment in housing has dropped by over 46%. Spending on low-income housing has gone down from $115 per person to just $60. The report suggests new ideas, like a federal/provincial/territorial agreement for affordable housing, more investments to help homeless people, a new tax credit for affordable housing, and more funds for Indigenous housing both on and off reserves.
All these ideas have been carefully planned out. The report suggests a new way of handling housing that would cost the economy less in the long run. The proposed plan includes spending more money, increasing from $2.019 billion to $3.752 billion in 2015/16, with a total investment of about $44 billion over ten years.
Canada’s housing crisis is a serious issue that needs immediate attention. By investing in community housing and following the report’s recommendations, Canada can help those in need and boost the economy at the same time. It’s time to take action and make these changes for a better future.
