A Plan for Housing Affordability and Opportunity in Canada
The federal government is right to be concerned about housing affordability and focused on supporting affordable and responsible homeownership. Homeownership is positively associated with a raft of economic and social benefits that strengthen families, communities, and the country, write Speer and Crowley. And median households must now dedicate 71.7 percent and 119.7 percent of their incomes to own a single-family detached home in the Toronto and Vancouver areas respectively. But the cause has been misdiagnosed. Crowley and Speer present a blueprint to restore homeownership as a key foundation for upward mobility, middle class opportunity, and economic growth in this paper.