Prime Minister Justin Trudeau stated on Wednesday that home prices across Canada are too high and "cannot continue to go up," although he did not provide further details..“We need to build more homes faster,” Trudeau told reporters. Housing was costly “because we are facing a shortage of housing right now,” said Trudeau. .“That’s why prices have come far too high. It’s not fair.”.“You say the price of homes is far too high; does that mean you would like house prices to come down?” asked a reporter. .“House pricing cannot continue to go up,” replied Trudeau..“Obviously, prices in downtown Toronto or even downtown Hamilton are going to be very different from other parts of the country, but everywhere they are too high,” said Trudeau. .“That is why it is essential that everyone works together.”.According to Blacklock’s Reporter, data from the Canadian Real Estate Association reveals that average prices have increased year over year in 6 out of 10 provinces..Prices averaged $966,000 in British Columbia, up 5.4% from last year, compared to:.$856,000 in Ontario (up 3%)$492,000 in Québec (up 3%)$452,000 in Alberta (up 4%)$401,000 in Nova Scotia (up 4%)$361,000 in Prince Edward Island (down 3%)$352,000 in Manitoba (down 0.3%)$333,000 in Saskatchewan (unchanged)$292,400 in New Brunswick (down 1%)$290,000 in Newfoundland and Labrador (up 2%).Trudeau said first-time homebuyers “are further away from buying a home than they were just a few years before because housing prices are going up so quickly. That is a problem of supply. We as a country are not building enough housing quickly.”.“We will have more to say very soon on our plan to make life and housing more affordable for Canadians,” said Trudeau. New measures will be detailed “in the coming days.”.Housing Minister Sean Fraser mentioned several initiatives were considered but did not commit to any specific plan to reduce home values..“It’s really important that we don’t just look at simplistic matrix about average home prices if we are actually going to solve the problem,” said Fraser. .“What actually matters is we have housing stock available.”.“We are putting together a series of measures that address the different unique problems that are contributing to Canada’s housing crisis,” Fraser told reporters. .“We will be looking at measures that change the financial equation for builders to build in light of the higher interest environment they are operating in.”.“We will be looking for ways to boost the productive capacity through training, through immigration and through innovation by having more homes built in factories, among other things,” said Fraser. He did not elaborate.
Prime Minister Justin Trudeau stated on Wednesday that home prices across Canada are too high and "cannot continue to go up," although he did not provide further details..“We need to build more homes faster,” Trudeau told reporters. Housing was costly “because we are facing a shortage of housing right now,” said Trudeau. .“That’s why prices have come far too high. It’s not fair.”.“You say the price of homes is far too high; does that mean you would like house prices to come down?” asked a reporter. .“House pricing cannot continue to go up,” replied Trudeau..“Obviously, prices in downtown Toronto or even downtown Hamilton are going to be very different from other parts of the country, but everywhere they are too high,” said Trudeau. .“That is why it is essential that everyone works together.”.According to Blacklock’s Reporter, data from the Canadian Real Estate Association reveals that average prices have increased year over year in 6 out of 10 provinces..Prices averaged $966,000 in British Columbia, up 5.4% from last year, compared to:.$856,000 in Ontario (up 3%)$492,000 in Québec (up 3%)$452,000 in Alberta (up 4%)$401,000 in Nova Scotia (up 4%)$361,000 in Prince Edward Island (down 3%)$352,000 in Manitoba (down 0.3%)$333,000 in Saskatchewan (unchanged)$292,400 in New Brunswick (down 1%)$290,000 in Newfoundland and Labrador (up 2%).Trudeau said first-time homebuyers “are further away from buying a home than they were just a few years before because housing prices are going up so quickly. That is a problem of supply. We as a country are not building enough housing quickly.”.“We will have more to say very soon on our plan to make life and housing more affordable for Canadians,” said Trudeau. New measures will be detailed “in the coming days.”.Housing Minister Sean Fraser mentioned several initiatives were considered but did not commit to any specific plan to reduce home values..“It’s really important that we don’t just look at simplistic matrix about average home prices if we are actually going to solve the problem,” said Fraser. .“What actually matters is we have housing stock available.”.“We are putting together a series of measures that address the different unique problems that are contributing to Canada’s housing crisis,” Fraser told reporters. .“We will be looking at measures that change the financial equation for builders to build in light of the higher interest environment they are operating in.”.“We will be looking for ways to boost the productive capacity through training, through immigration and through innovation by having more homes built in factories, among other things,” said Fraser. He did not elaborate.
