Prohibitively expensive home prices, high interest rates and increasing rents are preventing people from moving to where the jobs are
There are so many downsides to the untenable prices in the Canadian housing market that it’s hard to keep up. But to add another one to the list: The negative effect on mobility, including the ability of people to move for work.and increasing rents are the antithesis to the movement of people. Many are stuck in this constipated housing market. If you have anything close to a decent spot, you’re not going anywhere. It’s a big part of what’s gumming up the system.
“For Canada last year in non-turnover units, rent growth was closer to 5 per cent. But when you look at turnover units, it was closer to 24 per cent. And there are CMAs like Vancouver where in turnover units, the growth was actually closer to 33 per cent, and in Toronto closer to 40 per cent.” Ms. Rogers said part of what Canada must get much better at is matching jobs with workers. She said too often new Canadians are working in jobs that don’t take advantage of their skill sets.
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