More Canadians are spending more of their income on housing, as it now takes 63 per cent of the median family income to own a home in Canada, according to RBC Economics. That number is much higher than what most financial experts consider “affordable”: 30 per cent.
The federal government has responded by unveiling a variety of new programs and spending announcements in recent months. But as Mackenzie Gray explains, the factors causing rising costs are not easy to fix.
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