Mr. Speaker, after the lost Liberal decade, the dream of home ownership continues to be a nightmare. A new study ranks Toronto as having one of the least affordable housing markets in the world. Construction costs are up 58%, and zoning delays mean it takes up to 32 months to approve a single project in Toronto. It is no wonder Canada is short two million homes.
Housing costs will average 52% of household income this year, according to a new federal memo, and that is up from 38% in 2015. I have heard from far too many families in the GTHA that now teeter on the brink because their monthly payments are up by thousands of dollars, and young Canadians who have yet to enter the market have simply given up. Even the new housing minister admits it is a crisis but says it is a slow-moving creature.
After five housing ministers in six years, Canadians cannot wait any longer.