Housing Affordability in Canada: Will Young Canadians Ever Own a Home?

This essay delves into the escalating crisis of housing affordability affecting young Canadians and its implications for their ability to achieve homeownership. This paper situates this crisis within the broader context of historical institutionalism and path dependence, arguing that past and present housing policies, shaped by these concepts, have contributed significantly to the current state of housing affordability. Through analysis of government interventions like the Home Buyer’s Plan and the First-Time Home Buyer Incentive, the paper argues that while such policies aim to facilitate homeownership, they may inadvertently exacerbate affordability issues. The essay proposes a balanced approach to addressing the crisis, advocating for a combination of government intervention and market-enabling strategies, including Public-Private Partnerships and deregulation of land use policies to increase affordability. The conclusion underscores the necessity of comprehensive government action to alleviate the financial burdens on young Canadians and ensure the attainability of homeownership for future generations.