With the federal election done and dusted Canadians are looking to the new government to start delivering on promises.
While the matters that dominated the headlines during the campaign included U.S. tariffs, trade and challenges to sovereignty, various polls showed voters are more concerned about issues that hit much closer to home. One survey, by Ipsos, suggests 23% of Canadians listed the relationship with the U.S. as their top issue, but 38% put affordability and the cost of living in top spot.
The polling also revealed a notable generational divide. Of those aged 55 and older, 43% cited the U.S. as a top issue. Just 18% of 18 to 34-year-olds put Canada-U.S. relations at the top of their list. More than half of this younger cohort maintain the desire for homeownership but just as many, or more, feel that goal is unattainable.
All of the major political parties put forward policies to make homeownership easier, especially for first time buyers. The Conservative and Liberal plans are remarkably similar with GST relief and proposals to get more homes built.
The actual construction of homes remains a big obstacle for the federal government because home building and land development are regulated almost exclusively by the provincial and municipal governments. Currently the number of housing starts in Canada is forecast to decline which will tighten supply and likely push up prices.
One federal move that many in the mortgage industry are pushing for is the loosening or elimination the mortgage stress test.