March 30, 2010

Canadians struggling with mortgages

CANADA - Bills piling up? Forced to cutback? Not getting enough hours at work? You're not alone. 20% of Canadians is struggling to pay for their home / rent, up 6% since 2006.

According to the Conference Board of Canada’s report “Building from the Ground Up” many Canadian families are forced to cut costs in ways that are harmful to their health (ie. buying less nutritious food, recreational activities) just so they can keep a roof over their head.

The report challenges the Conservative minority government to do a better job and to form partnerships with real-estate developers and civil organizations to increase affordable housing in Canada, pointing to both the health of Canadians and productivity levels.

75% of Canadians are living in homes they can afford. (81.5% in 2006.)

20% of Canadians are struggling. (14% in 2006.)

5% of Canadians live in subsidized housing. (4.5% in 2006.)

The Conference Board defined housing costs as unaffordable if they exceeded 30 per cent of pre-tax income.

If this problem continues to get worse Canada could face a mortgage collapse crisis similar to the one in the USA, resulting in a deep recession.

Developers tend to focus on building expensive homes, leaving a large segment of the population unable to afford new homes. The private sector needs to be calculating the needs of Canadians more efficiently so they can accurately predict what kinds of homes people want to buy and can afford.

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