As a crushing housing stock shortage, record prices and skyrocketing rents spur an exodus from Canada's biggest cities, the federal government announced almost $100 million in new funding to tackle rent affordability.
One researcher is warning, however, that although the additional support is "absolutely needed" it's not a long-term solution to a growing problem.
"The yawning gap between affordable rents and what people are earning … won't be helped very much for $99 million," Carolyn Whitzman, a housing and social policy researcher, told Â鶹ӰÊÓ Channel Tuesday. "It's not really part of the long-term solution at this point."
While announcing the new funding as part of Canada's economic plan, Deputy Prime Minister and Minister of Finance Chrystia Freeland characterized the housing crisis as "the central challenge" facing the country.
According to a government press release, the latest tranche of funding will "top-up" the Canada Housing Benefit and will help support low-income renters by "delivering rent support payments directly."
However, Whitzman said it remains to be seen what this funding will actually be used for, and added it is a "very small proportion of what's needed" to address the critical and growing supply shortage.
Affordable supply badly needed
According to Whitzman, there are actions Ottawa could be taking right now to start addressing the housing supply crisis – things like "scaling up non-market housing" or building off the "most successful" part of the federal government's National Housing Strategy --- rapid housing initiatives.
However, without immediate action, Whitzman warned, key cities in Canada could see an exodus similar to Toronto, where there's been an "absolute abandonment" of the city by families with children under the age of five.
"That phenomenon of driving until you qualify has been noticeable for the last few years," Whitzman told Â鶹ӰÊÓ Channel anchor Todd van der Heyden. "As long as we're not building more affordable supply in hot markets…we're going to continue to see the same trends.
"$99 million in housing benefits won't significantly change that."
What about foreign buyers?
The federal government also announced a two-year extension to a ban on foreign nationals buying homes in Canada.
"For years now, foreign money has been coming into Canada to buy up residential real estate," Freeland said. "By extending the foreign-buyer ban we will ensure houses are used as homes… and not as a speculative asset class."
Whitzman criticized that move however, saying it's a "totally trivial" action to "move attention away from the actual problems."
The ban came into effect in 2023 and prevented foreign commercial enterprises and non-Canadian citizens from purchasing residential property.
"There are a bunch of other things being brought up to distract us from the real problems, Whitzman said. "The actual problems with our housing system are in terms of zoning, in terms of infrastructure funding, in terms of rent protection."
"People are desperate for a home"
The issues in Canada's housing market and the pressure that's placing on the average resident is also causing undue financial stress on Canadian families.
"People are desperate for a home," Whitzman said, "near where they work, near where there's childcare, near where there's schools."
The dire housing crunch is placing cost pressures on Canadians across income brackets and throughout the country, she said.
Whitzman warned it's one of the primary reasons behind the growing financial uncertainty and spiralling household debt faced by many families --- both those who rent and those with a mortgage.
"I'd be a little bit worried about people getting house poor," Whitzman said. "If ownership prices were to fall, I think that those people would be very vulnerable."
With files from Â鶹ӰÊÓ' Natasha O'Neill and Daniel Otis
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