Is housing a federal government issue? It might not matter, experts say

The federal government will have to bear some responsibility for housing affordability concerns, especially as it dictates immigration policy, experts say.

Chris Burke and his fiancee have been less than a year away from buying their first home for the past three years.

Saving for a down payment was the first challenge. Now, rising interest rates have kicked home ownership down the road again, stalling the couple’s plans to get married and have children.

“Any gains we make towards purchasing a house, we’re watching the goalposts move further and further away,” the 31-year-old Ottawa resident said.

Feeling “stuck,” as Burke put it, is a sentiment shared by many young Canadians who are increasingly pessimistic about their home ownership prospects.

For the federal Liberals, the growing discontent with the state of the housing market is becoming a political threat.

“I’m a former Liberal voter,” Burke said. “I certainly wouldn’t be voting for them this time around.”

Experts say the housing crisis poses a great risk to the incumbent government in the next election if it doesn’t take drastic action soon.

“This has become probably the most important both economic and political problem facing the country right now,” said Tyler Meredith, a former head of economic strategy and planning for Finance Minister Chrystia Freeland.