We apologize, but this video has failed to load.Interesting that he looked to blame the Harper government, despite the fact that he has been running the federal government for eight years now. The fact is Trudeau has been warned for years that various policies from his rising immigration numbers to his fiscal policies were contributing to the housing crisis.
This is far from the only problem, but it is an area of federal responsibility that added to the crisis. In fairness, all levels of government deserve blame, including those municipal leaders who are forever giving into NIMBY elements in their communities and rejecting new housing proposals. On the fiscal policy side, the Trudeau government has ramped up spending, which has made inflation worse than it needs to be. Rather than cutting back spending to curtail inflation, they have let the Bank of Canada handle this issue alone, which has meant ever-increasing interest rates. These increases have made unaffordable housing less affordable because they’ve triggered a dramatic rise in mortgage rates.
“Vancouver is now the third most unaffordable and Toronto the 10th most unaffordable housing market in the world — worse than New York City, worse than London, England, and worse than Singapore, an island,” Conservative leader Pierre Poilievre noted.