Canada’s highly precarious housing market has long been perched on the edge of disaster. As the country’s central bank pushes up interest rates to fight inflation, that perch is looking more dangerous than ever.
John Clarke got involved in anti-poverty organizing in London, Ontario, in the 1980s and was an organizer with Ontario Coalition Against Poverty (OCAP) for almost thirty years. Presently, he is the Packer Visitor in Social Justice at Toronto’s York University.
The price of Canadian homes has increased faster than those of any other member of the OECD. Rising interest rates now threaten to bring the market crashing down, destroying the lives of millions in the process.
Justin Trudeau claims that he wants to build a better, fairer post-pandemic Canada. If we look past the platitudes, we can see that the Liberals just want to return to business as usual.