Experts say the housing crisis poses a great risk to the incumbent government in the next election if it doesn't take drastic action soon.
"This has become probably the most important both economic and political problem facing the country right now," said Tyler Meredith, a former head of economic strategy and planning for Finance Minister Chrystia Freeland.
And the cost of getting a mortgage has soared, following a series of aggressive interest rate increases by the Bank of Canada in response to rising inflation following the COVID-19 pandemic. " held a news conference … to tell you all he's not responsible for housing. That's funny, because eight years ago, he promised he was gonna lower housing costs," Poilievre said in a news conference the next day.
There are several things experts say the federal government could be doing, such as better calibrating its immigration policy with housing and reforming tax laws to incentivize rental developments. It could also push local governments to get housing built faster.
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