Affordability Tops the Agenda as New Government Takes Office
With the federal election behind us, Canadians are looking ahead, eager to see campaign promises turn into action. And while debates over trade and international relations took up headlines, polls show that affordability remains the top concern for most voters.
Affordability: A National Priority
A recent Ipsos poll found that 38% of Canadians rank affordability and the cost of living as their top issue, surpassing those concerned with the U.S.-Canada relationship (23%). The divide becomes more pronounced across age groups: 43% of voters aged 55+ cited U.S. relations as their priority, compared to only 18% of those aged 18–34. Among younger Canadians, the dream of homeownership remains strong, but many feel it’s increasingly out of reach.
Campaign Promises and the Housing Challenge
All major political parties pledged to address housing affordability. Both the Liberal and Conservative platforms proposed similar solutions: removing GST on new home builds and ramping up construction to increase supply.
However, the federal government has limited control over housing development. Zoning and approval processes fall under provincial and municipal jurisdictions, where regulatory red tape often slows progress. With housing starts projected to decline, supply will likely tighten further, driving prices even higher.
The Mortgage Stress Test: A Key Policy Pressure Point
One specific federal policy under scrutiny is the mortgage stress test. Many in the mortgage and real estate industry are urging the government to relax or eliminate it. For younger and first-time buyers, easing this restriction could mean the difference between renting indefinitely and finally owning a home.
Looking Ahead
As the new government begins its term, Canadians will be watching closely to see whether housing affordability receives the attention it deserves. With economic pressures mounting and homeownership slipping further away for many, decisive action will be crucial.
