Pierre Poilievre, Leader of the Official Opposition of Canada, has released a thought-provoking documentary on his YouTube channel titled “Housing Hell: How We Got Here and How We Get Out.” The documentary addresses the alarming rise in housing costs across Canada, shedding light on the consequences it has on the lives of ordinary Canadians.
He initiates the documentary with a series of staggering statistics, revealing that Canada currently grapples with one of the most substantial housing bubbles in its history. The consequences of this crisis are far-reaching, as an entire generation expresses skepticism about ever achieving the dream of homeownership. Shockingly, students are resorting to living in vehicles due to the scarcity of affordable housing, and the specter of mortgage defaults looms over tens of thousands of Canadians.
The video skillfully portrays the grim reality that the average Canadian household now allocates a staggering 66% of its monthly income to payments for an average single-attached house. With the remaining 34% largely swallowed by taxes, families are left with minimal resources for essential needs like food and recreation. Compounding this, astronomical down payments are required, especially in metropolises such as Toronto, where it takes an average of 25 years to save for a down payment.
In a comparative analysis, Poilievre meticulously illustrates how housing costs have doubled over the past eight years, covering rents, mortgage payments, and down payment requirements. The revelation that housing costs have surged more in the last eight years than in all the preceding years combined is indeed alarming. Furthermore, Canada’s housing costs have outpaced those of nearly every other country, with a startling 45% to 75% increase over the United States.
The documentary delves into the role of government policies, pointing to deficit spending and quantitative easing as significant contributors to the housing crisis. Poilievre argues that fiscal irresponsibility by the Trudeau government has led to inflationary pressures, pushing interest rates higher and aggravating the cost of mortgages. Delving into the role of government policies, Poilievre introduces the concept of the “gatekeeper gap,” attributing it to fiscal irresponsibility by the Trudeau government. The gap, described as the cost of government interference, includes permit delays, changing rules, costly consultants, legal fees, charges, taxes, and more. Poilievre argues that this gatekeeper gap significantly contributes to the escalating cost of homes, adding nearly $1.3 million to home prices in Vancouver.
Beyond financial policies, Poilievre addresses the intricate dynamics of supply and demand, revealing that Canada, despite its vast land resources, faces a shortage of housing. Regulatory hurdles, red tape, and government-induced delays contribute to this housing shortfall, with the Canada Mortgage and Housing Corporation predicting a 32% drop in home building this year alone.
Proposing a plethora of solutions, Poilievre advocates for a balanced budget to curb inflation and lower interest rates. He suggests incentivizing cities to increase home building by tying federal infrastructure money to housing completions, thereby encouraging responsible spending and eliminating wasteful practices. Additionally, Poilievre proposes selling off surplus federal land for housing development to address the housing shortage.
It is imperative to underscore that Poilievre’s documentary transcends political affiliations. Regardless of one’s political background – be it Liberal, NDP, Green Party, or any other – the video serves as a compelling call to recognize the gravity of the situation and work towards a collective solution. The housing issue is not confined to party lines; it is a national concern that demands a united effort for the well-being of all Canadians.
Pierre Poilievre’s documentary serves as a call to action, urging viewers from all political spectrums to acknowledge the severity of the situation and collaborate for a comprehensive solution. Indeed, there is only one Canada, and addressing the housing crisis necessitates a united effort for the collective welfare of the nation’s citizens.