Housing issues in Canada

The problem the policy is trying to fix is one that's particularly acute in Canada, said Jeremy Withers, the outreach co-ordinator for the University of Toronto's School of Cities Affordable Housing Challenge Project.

The problem the policy is trying to fix is one that's particularly acute in Canada, said Jeremy Withers, the outreach co-ordinator for the University of Toronto's School of Cities Affordable Housing Challenge Project.

"And that problem is that prospective first-time buyers are finding it increasingly difficult to compete in bidding wars for housing," said Withers, who is also a PHD candidate in the department of Geography & Planning at the University of Toronto.

The problem the policy is trying to fix is one that's particularly acute in Canada, said Jeremy Withers, the outreach co-ordinator for the University of Toronto's School of Cities Affordable Housing Challenge Project.

"And that problem is that prospective first-time buyers are finding it increasingly difficult to compete in bidding wars for housing," said Withers, who is also a PHD candidate in the department of Geography & Planning at the University of Toronto.

Over the past decade, Withers said, a fast-growing share of housing has been bid up and acquired by higher income Canadians who already own their homes but are building up portfolios of investment properties.

For example, 45 per cent of Ontario condo apartments and 18 per cent of Ontario houses are not owner occupied, he said, citing Statistics Canada data.

"I think policies that aim at curtailing demand from kind of wealthy, high income bidders would likely help to mitigate continuing rise in prices and wealth inequality that's really come to define Canada's private housing system."