Sure. Thanks for that question.
Yes, I totally agree 100%. When we look at home ownership rates in Canada relative to other countries, we are on the high end of things, particularly when you compare them to more expensive places. For whatever reason, we have this mentality, this desire to own homes. One of the reasons may be the tax advantages of owning a home versus renting. You are accumulating assets in a sheltered tax environment, so there is an undeniable financial incentive to want to own rather than rent.
You can get around that by thinking about the tax code. I wouldn't be in favour of changing the treatment of owned homes, but you can think about tax advantages to renters to try to equilibrate the home owning versus rental decision because, in my mind, we are going to go into that world. The simple reality is that people are being priced out of owning a place, but they have to stay somewhere, so they have to rent.