Its complicated; I cant really see the hope for these reasons. Canada had a housing crisis 10 years ago, prices were way too high relative to incomes. The shortage then worsened and prices ratcheted up as we increased immigration.
In 2023 we had huge asset price inflation like most places, due to QE from the Bank of Canada that was used to fund Covid stimulus, which caused asset values to skyrocket. We took in over a million people that year to sustain asset prices and keep wages depressed. This is known as the phillips curve, its generally expected wages rise after inflation due to wage pressure, as people ask for raises to deal with the rising cost of living.
Canada’s main cities are now within the top 10 most expensive cities in the world. The income required to afford to live there is above 200k, while the median wage is only 70k a year.
Carney promised to cap immigration at 1% population growth a year, which is 415,000 people a year. Annual deaths are at around 320,000, and births about 360,000 people, so we will grow at around 465,000 people a year. Given in 2022 we welcomed the most we have ever welcomed at 405,000, where prices were already rising dramatically, I dont see how the cost of living gets any better for young people. I actually dont see a single change to the existing Liberal plan at all, they were basically expecting that exact same number in 2022.
There’s hope but this was too close. The Conservatives upped their numbers as did the Liberals. It was only the progressive/reasonable vote banding together that saved the day.
I’m not Canadian, Thank you Canada, there is hope after all.
Its complicated; I cant really see the hope for these reasons. Canada had a housing crisis 10 years ago, prices were way too high relative to incomes. The shortage then worsened and prices ratcheted up as we increased immigration.
In 2023 we had huge asset price inflation like most places, due to QE from the Bank of Canada that was used to fund Covid stimulus, which caused asset values to skyrocket. We took in over a million people that year to sustain asset prices and keep wages depressed. This is known as the phillips curve, its generally expected wages rise after inflation due to wage pressure, as people ask for raises to deal with the rising cost of living.
https://thehub.ca/wp-content/uploads/2024/04/Fig1_AnnualPopulationGrowth_graph_v1-1170x839.jpg
Canada’s main cities are now within the top 10 most expensive cities in the world. The income required to afford to live there is above 200k, while the median wage is only 70k a year.
https://globalnews.ca/news/10572326/impossibly-unaffordable-housing-vancouver-report/
Carney promised to cap immigration at 1% population growth a year, which is 415,000 people a year. Annual deaths are at around 320,000, and births about 360,000 people, so we will grow at around 465,000 people a year. Given in 2022 we welcomed the most we have ever welcomed at 405,000, where prices were already rising dramatically, I dont see how the cost of living gets any better for young people. I actually dont see a single change to the existing Liberal plan at all, they were basically expecting that exact same number in 2022.
https://www.canada.ca/en/immigration-refugees-citizenship/news/2022/11/an-immigration-plan-to-grow-the-economy.html
There’s hope but this was too close. The Conservatives upped their numbers as did the Liberals. It was only the progressive/reasonable vote banding together that saved the day.