The Canada Mortgage and Housing Corporation (CMHC) highlights that rising housing costs in cities are limiting Canadians' ability to relocate for better job opportunities. The agency's data reveals that a one percent increase in housing prices corresponds to a one percent decrease in migration to those cities. Overall, household mobility has significantly decreased from 17.8% in 1990 to 10.1% in 2020. This trend affects both current and new workers, leading to diminished skill development and economic growth. The federal government aims to address this by promising 3.9 million new homes by 2031 to enhance affordability.
"When choosing where to live and work, Canadians not only look at the wage increase they might get, but they must be realistic about housing costs."
"The inability to move due to high housing costs is felt by current workers and those new to the workforce, limiting skill development and reducing economic growth of major cities."
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