Canada is experiencing a housing affordability crisis. Over the past 20 years, housing prices have increased at double the rate of income growth. Partly fuelled by dramatic interest hikes, rental prices have also risen precipitously in recent months. In March 2023, the year-over-year rent increased by 9.7 per cent.
Young adults are among the groups most adversely affected by the housing crisis. One in five young adults live in unaffordable housing and spend 30 per cent or more of their pre-tax income on housing costs.
