Canadian Housing in a Post-Pandemic World: 3 Predictions

A pen lying on top of a mortgage application

Canadian Housing in a Post-Pandemic World: 3 Predictions

Many pieces of advice for responding to the coronavirus pandemic are notably deaf to the country’s affordable housing crisis. “Stay at home!” is something many people plaster on social media or voice in-person, and while it’s not bad advice, it’s not possible for everyone. If you have a home, then yes, you should stay in it as much as possible until the pandemic passes.

But, what about those who don’t have homes? The discourse on the pandemic seems to mask the affordable housing crisis gripping the country. That’s not news, but the pandemic has only made the economic situation worse. It also marks a synthesis of housing and healthcare. Flattening the curve requires staying at home and social distancing.

Clearly, then, the pandemic provides more reasons to focus on housing, and it’s had significant effects on the market, but will it really change the agenda? Here are some of our predictions about post-pandemic housing in Canada.

Residential Construction Will Remain Relatively Unaffected

The demand for new housing doesn’t seem to be ending any time soon, and where there’s demand, there’s supply. The pandemic hasn’t done anything to curb housing demand, so it’ll continue to be a profitable industry. This is a good thing, as it means that we have the supply to respond to a housing crisis (though that’s never been the crux of the issue).

Public-Land May Be Designated for Affordable Housing

A man sitting on a bench

Governments around the world have had to bear the brunt of the consequences of the pandemic. The general issue presented by the pandemic is the crippling of income streams with little-to-no change in expenses. Governments have been forced to accommodate this closing of the distance between income and expenses through various measures. Most governments will likely try to preempt a similar situation, and affordable housing seems to be one of the ways to do so.

More Housing Units at Lower Rates

Building more houses on public land is only one of the solutions the government has at its disposal. Underpinning these interventions is a recognition that housing is critical to relieving the pressure on governments presented by a force majeure. The government will likely subsidize housing construction, implement inclusionary housing measures, and try to support lower rents and prices.

If you’re struggling with the real estate situation amid the pandemic, get in touch with us at the McGuinty Law Offices. We have lawyers for foreclosure prevention, mortgage refinancing, and much more in Ottawa.