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Doug Ford - Housing affordability in Ontario has eroded faster than any province amid COVID-19: report - globalnews.ca - Britain - Canada - county Ontario - city Columbia, Britain
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Housing affordability in Ontario has eroded faster than any province amid COVID-19: report
Housing affordability in Ontario has eroded at a rate not seen in half a century over the course of the COVID-19 pandemic, a new report suggests, while home prices skyrocketed by 44 per cent across Doug Ford’s premiership.The new report by Generation Squeeze found that with current home prices, a new homebuyer would have to work full-time for nearly 22 years to save up enough money for a 20 per cent down payment on a home — up from 15 years in late 2019.“Ontario has just completely lost control of housing,” said Paul Kershaw, an associate professor at the University of British Columbia and the founder of Generation Squeeze, which studies housing affordability and standard of living across Canada.“We’ve never seen anything like this before in any province at any time in the last 50 years.” ‘I’ll never be able to afford property’: Housing costs key issue for Ontario voters The report, citing Canadian Real Estate Association data, found the average price for a home in Ontario rose to $871,688 by 2021, up 44 per cent from the inflation-adjusted price in 2018 — the year Ford was sworn in as premier.Meanwhile, wages have stagnated, particularly for the typical 25-to-34-year-old, which the report argues has led to “lost work” for those trying to save for a down payment.Over the first two years of the pandemic, Kershaw says those young Ontario residents have lost the value of six years of work that would otherwise be put toward home ownership.
Douglas Robert Ford (born November 20, 1964) is a Canadian businessman and politician serving as the 26th premier of Ontario since June 29, 2018. He represents the riding of Etobicoke North. With his brother Randy, Ford co-owns Deco Labels and Tags, a printing business operating in Canada and the United States that was founded by their father, Doug Ford Sr., who served as a Member of Provincial Parliament from 1995 to 1999. Ford was Toronto City Councillor for Ward 2 Etobicoke North from 2010 to 2014 at the same time that his brother, Rob Ford, was Mayor of Toronto. Ford ran for the 2014 Toronto mayoral election, where he placed second behind John Tory. In 2018, Ford won the party leadership election of the Ontario Progressive Conservative Party and led the Tories to a majority win in the 2018 Ontario general election.
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