Middle-income housing affordability in Canada is a profound social and economic crisis that warrants serious public policy attention
21 Jun, 2016, 06:00 ET
CALGARY, June 21, 2016 /CNW/ - Today in Calgary, Frontier Centre for Public Policy has released Wendell Cox and Ailin He's document, "Canada's Middle-Income Housing Affordability Crisis".
Cox and He present their research highlighting a serious housing affordability crisis affecting Canada. House prices rose faster than income in 35 markets. In particular, the biggest deterioration in middle-income housing is affecting six major markets including Calgary, Edmonton, Montreal, Ottawa-Gatineau, Toronto, and Vancouver. In addition to concerns about rising house prices, homeowners will face a lower standard of living and less discretionary income thereby constraining economic growth and job creation.
The authors say there is concern that mortgage affordability losses could occur should interest rates arise and suggest that restrictive land use policies are contributing to these losses. High house prices combined with high household debt may also complicate the ability of central banks to perform their monetary policy responsibilities. Cox and He maintain that housing affordability is a serious issue that requires concentrated attention and thoughtful public policy.
Ailin He is an Intern at the Frontier Centre for Public Policy. She is a third year PhD candidate in Economics at McGill University. She carries a Master of Arts in Economics from Clemson University in Clemson, South Carolina. Ms. He specializes in Labour Economics, Urban Economics and Macroeconomics.
Wendell Cox serves as Chair of the Frontier Centre for Public Policy's Housing Affordability and Municipal Policy program and as the Principal of Demographia, an international consultancy that specializes in regional and municipal housing policy and related planning issues. He is a former member of the Los Angeles Transportation Commission and Amtrak Reform Council. Cox is described as a leading global authority on housing affordability and municipal policy and is consulted extensively on urban planning and transportation issues. Wendell Cox can be reached at (618) 632 8507 or [email protected]
Cox and He's "Canada's Middle-Income Housing Affordability Crisis" can be found here: Canada's Middle-Income Housing Crisis
SOURCE Frontier Centre for Public Policy
Image with caption: "Canada’s Middle-Income Housing Affordability Crisis (CNW Group/Frontier Centre for Public Policy)". Image available at: http://photos.newswire.ca/images/download/20160621_C1297_PHOTO_EN_717802.jpg
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