Housing affordability remains the most critical financial challenge facing Canadian households today, particularly in urban centres. Housing costs are continuing to outpace incomes. We're looking at medium-income households now spending up to 63.5% of their income on housing, according to the latest report from RBC. In major cities like Toronto and Vancouver, families are spending as much as 84% and 106% of their income on housing, which makes saving for home ownership nearly impossible.
Affordability isn't just a local issue. It's very much a national crisis and requires a coordinated effort across all levels of government. We didn't get here overnight, and our housing affordability crisis has been influenced by multiple factors. Ensuring that the dream of access to home ownership doesn't die is not just an economic issue but also a matter of national well-being that affects the social fabric of our communities.