Canadian Prime Minister Justin Trudeau acknowledged that younger Canadians will lose their home equity because they cannot afford to enter a housing market bloated by immigration.
“They’re not going to necessarily have the same kind of homebuying planning that people a generation ago had when it comes to saving for retirement,” he told the Alliance advocacy group. Generation SqueezeThey claim to defend the interests of young people.
“[Young] “Despite having great jobs, stable second jobs, and changing expectations, they’re still struggling to find a place to actually start on their path to home equity and homeownership,” he said, trying to blame older Canadians for the damage he’s caused.
Prime Minister Trudeau said his relaxed immigration policy Flooded It has disrupted the housing market and dramatically increased home prices for young Canadians.
After nearly tripling the money supply, allowing a million immigrants a year, and zero new housing, Trudeau is now trying to convince young people that the housing crisis is a complete mystery whose grandparents are to blame. pic.twitter.com/nsqsQJI83a
— Zoltan (@AmazingZoltan) July 10, 2024
A similar intergenerational wealth shift is underway in the United States, where President Joe Biden’s decision to allow 10 million immigrants into the country from 2021 onwards is driving down wages and soaring home prices.
“Home prices are up 47% since the beginning of 2020, and the median sales price is now five times the median household income,” CNBC reports. report June 2024. “For renters, prices are still 26% higher than 2020 and are rising in three out of five markets,” CNBC added.
American investors and landlords are also finding that renting a house or apartment to President Joe Biden’s group of immigrant workers is more profitable than selling a home to a single-income family. In New York, “high rents and upfront costs meant that fewer than 5% of New York City apartments were affordable for the average local worker last year,” Bloomberg reports. report May 2024.
#clock: Toronto real estate agents are blaming Prime Minister Justin Trudeau and Chief Minister Jagmeet Singh for Canada’s housing crisis. pic.twitter.com/KngvHVyEKW
— 6ixBuzzTV (@6ixbuzztv) July 12, 2024
Biden’s pro-immigration border czar, Alejandro Mayorkas, has repeatedly praised Canada’s immigration policies.
Young people in many other countries, including Australia, the UK, Ireland, Germany, Spain and France, are also being squeezed by investor demands for more immigrant consumers, renters and workers.
In the United States, President Donald Trump is also facing demands from donor countries for greater migration of white-collar workers, which he says is driving up housing costs.
Since 2015, Trudeau has collapsed Canada’s housing market by accelerating immigration. The influx of renters, consumers and workers has shifted enormous wealth from young Canadians to older homeowners, investors and the stock market.
But in his Generation Squeeze speech, he tried to shift the blame onto pro-immigration policies.
Instead, he blamed older Canadians for the country’s failure to prepare for future influxes of immigrants, part of the blame for which, he argued, was “decades of underinvestment in housing construction.”
Trudeau also mocked older Canadians who claim that housing was cheaper when they were younger. [say] “A loaf of bread used to cost 5 cents” or something like that. [But] Housing has always been a big expense and housing has always been hard to come by.”
“There’s something fundamentally different about this generation,” Trudeau said, without mentioning immigration. “There’s a lot of other things going on. I think it’s a challenge we’re still working through, getting older people to understand that there’s something different.”
And Trudeau said older Canadians move Of their home.
Many seniors currently live in homes that are too big for them, but they don’t want to move to the suburbs or another city to be closer to their grandchildren because of their ties to their neighborhood and community. They still want to live in their community… and they can’t even afford to downsize, other than to continue living in their big house…
[So] In fact, we are working to increase the number of apartments and elderly care facilities in areas where people currently live in single-family homes… [could] Gives you a path to finally change them [housing] Represent numbers in a meaningful way.
The Trudeau Liberals have destroyed an immigration system that was once the pride of the developed world.
We cannot reasonably attract a staggering 2.8 million people over the past three years in the midst of a historic housing and health care crisis. This is planned instability. pic.twitter.com/GpIJ2yqeqv
— National Citizens Coalition (@NatCitizens) July 8, 2024
But Canadian voters know that Trudeau’s migration has destroyed Canada’s housing market and done great harm to young Canadians, family formation, and Canada’s birth rate.
A Langley woman said of mass immigration:
“Prime Minister Trudeau keeps bringing in all these people, but there’s no housing and the food banks are drying up.”
“That’s just madness. It doesn’t take a space rocket scientist to figure that out!”
What do you think? pic.twitter.com/FsFmuzOXtX
— Riley Donovan (@valdombre) January 8, 2024
Canada is due to hold a federal election by October 2025, but Trudeau is expected to lose because of his mass immigration policies.
But his chief rival, Pierre Poirierbre, leader of the pro-immigration Progressive Conservative Party of Canada, has said immigration should be tied to Canada’s ability to build new homes, a sign he is not willing to reduce immigration enough to help boost Canadians’ productivity and incomes.
