As a country, we are not keeping up with demand for housing options and Canadians from coast to coast to coast feel the housing crunch. Household debt, most of it mortgage debt, is at a historic high of 163 per cent and is one of the greatest threats to our economy, according to the Bank of Canada. Homeownership is increasingly out of reach for many Canadians as prices have outstripped incomes.
Built to Last: Strengthening the Foundations of Housing in Canada lays out an action plan for more resilient and prosperous housing in Canada. The scope and range of problems are too complex for any one order of government to solve alone. It requires collaboration and leadership to implement an effective housing action plan where all Canadians can access adequate housing.
Municipal leaders from across the country are ready to partner with our provincial and federal counterparts and work toward a housing system that is built to last.
Read a letter sent to Prime Minister Harper from the National Forum on Housing and the Economy making the case for measures in this year's federal budget that address homelessness, improve housing affordability and strengthen the housing sector's role in the economy.
National Forum on Housing and the Economy Launches
On October 9, the National Forum on Housing and the Economy (NFHE) was launched. The NFHE was established by FCM in partnership with national not-for-profit, industry and professional associations and business groups. The NFHE has developed a set of shared principles for achieving lasting improvements in Canada's housing system.
FCM and the rest of the NFHE members are encouraging the federal government to work with all orders of governments, along with major stakeholders in the housing sector, to implement these principles.
More on housing
High home prices and record levels of household debt are pricing a growing number of Canadians out of homeownership, which places mounting pressure on an already crowded rental market and on crumbling affordable housing units.