Prime Minister Justin Trudeau has promised municipal leaders federal support and resources in a bid to address the high cost of housing that according to him is creating a problem for young and middle-class families.
The cost of housing has increased across the country and the increment is triggered by a mix of low interest rates and demand exceeding supply as Canadians working from home search for more space.
Trudeau made it known that the result is that the cost of buying a house is not within the reach of too many people in Canada’s biggest cities and noted that it could take an average family 280 months to save for a down payment in a place like Toronto.
While speaking to the Federation of Canadian Municipalities today, Trudeau disclosed that his government would look for how to change the situation beyond what has already been laid out by the Liberals.
He said the federal government alone could not mitigate housing costs and added that the levers exist at all levels of government.
Trudeau says the Liberals will reach out to provinces and territories in a bid to ease concerns around affordability of housing.