Housing in Canada

Housing affordability is emerging as a defining issue ahead of Canada’s next federal election. Since 2005, average home prices have soared from $247,000 to over $700,000, outpacing income growth and putting ownership out of reach for a number of Canadians. Yet housing supply—particularly single-detached homes—has not kept up. While total housing starts have risen modestly, the mix has shifted increasingly toward apartments and other multi-unit dwellings, leaving a gap in family-sized housing.

Economic shocks like the 2008 financial crisis, the COVID-19 pandemic, and the Russia-Ukraine war have added further volatility to both housing construction and prices. With demand continuing to outstrip supply, especially in urban centers, Canadians are looking for comprehensive policy responses. Whether through zoning reform, investment in affordable housing, or incentives for new builds, the pressure is on political leaders to deliver sustainable, long-term solutions to close the housing gap and restore affordability.