St. John’s city council is joining the Federation of Canadian Municipalities’ new national campaign to fix Canada’s housing crunch.
We’re joining communities across Canada who are passing council resolutions and writing to members of the federal cabinet to ask them to help Canadians deal with the high cost of housing, their most urgent financial challenge.
One in four Canadians is now paying more than they can afford for housing, and mortgage debt held by Canadians stands at just over $1.1 trillion, putting our national economy at risk.
Canadians need a stable and secure housing market that creates and maintains jobs and allows for a range of living options. Cities and communities need better housing options to attract new workers, meet the needs of families, and support seniors and our most vulnerable citizens.
As it stands, $1.7 billion in annual federal housing investments are set to expire with the greatest drop, $500 million, slated for the next five years. This will put 200,000 Canadians at risk of losing their homes and will cause spillover effects on other parts of the housing sector. The loss of this vital investment could have serious consequences for the City of St. John’s, including subsidized housing units.
We are inviting everyone in the City of St. John’s who is concerned about this issue to visit www.fcm.ca/housingcrunch and voice your concerns. We hope service clubs, businesses and other community groups will involve their members in the issue and ask them to get in touch with their member of Parliament and communicate the importance of continued federal investment in our community.