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Housing

Cooling Down an Overheated Market


Issue

Housing has become out of reach for many Canadians, in particular for young families living in big cities. Vancouver and Toronto are two of the most unaffordable large cities in the world.


Over the past decades, the federal government has spent billions of dollars and created various bureaucratic programs to presumably make housing more affordable, with no results. Among other things, it has manipulated the financial criteria to qualify for mortgages and mortgage insurance, provided tax breaks to first buyers, and funded social housing.


The fundamental problem however is the mismatch between supply of and demand for housing that Ottawa, the provinces and municipalities are making worse with other policies, in particular mass immigration and zoning restrictions.


Facts

Under the Trudeau government, Canada's population grew at its highest rate since the 1950s. In 2023 only, Canada opened its doors to almost 1.3 million foreigners. This represents the entire population of Saskatchewan. It is estimated that almost 2,7 million non-permanent residents were living in Canada in January 2024.


This skyrocketing number of newcomers is one of the main reasons for the constantly high level of demand for housing and the exorbitant prices in Canadian cities. About 40% of immigrants to Canada end up settling in only two cities, Toronto and Vancouver, where the housing shortage is most acute. Even if a lot more houses were to be built, supply cannot keep up with this level of demand.


Overall inflation has become a major problem in every sector of the economy and is a consequence of inflationary monetary policy – that is, the Bank of Canada having printed too much money in order to fund the Trudeau government’s gigantic deficits. This inflationary policy adds to the already overheated conditions in the housing market.


Our Plan

Housing is primarily a provincial or local responsibility. Ottawa’s involvement over the years has only resulted in distorting the housing market. There is nothing the federal government can do to change provincial or municipal zoning laws, but it can stop contributing to the overheating of the housing market in different ways.


A People's Party government will:

✓ Impose a Moratorium on Immigration

Impose a moratorium on new permanent residents for as many years as necessary until the housing crisis has cooled down, the negative economic impact of mass immigration has been neutralized, and the process of social and cultural disintegration due to mass immigration has been reversed; thereafter, substantially lower the number of permanent residents Canada accepts every year to between 100,000 and 150,000, depending on economic and other circumstances (see policy on Immigration).


✓ Reduce BOC Target Inflation

Modify the Bank of Canada’s inflation target, from 2% to 0%. This will cool down inflation in all sectors, including housing.


✓ Respect Local Planning

Respect local governments' responsibilities in housing. They should not be subjected to federal financial pressure to “densify” old neighbourhoods of detached homes in order to accommodate mass immigration policies.


✓ Canada Mortgage and Housing Corporation (CMHC)

Privatize or dismantle the Canada Mortgage and Housing Corporation (CMHC), a mammoth government agency that fuels the housing crisis instead of helping to cool it down. All it has ever done is encourage Canadians to buy houses they can’t afford, and accumulate massive amounts of debt that the federal government, and ultimately Canadian taxpayers, will be responsible for.


✓ Restrict Foreign Home Buyers

Work with provinces to curb speculation and money laundering by foreign non-resident buyers in Canada’s land and housing markets.



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