OTTAWA, ON, Jan. 30, 2025 /CNW/ - The lack of housing affordability in many Canadian cities has made it much more difficult for people to seek employment. A new analysis by Canada Mortgage and Housing Corporation (CMHC) suggests that a 1% increase of housing prices in a destination city where people would like to move for a new job, leads to a corresponding 1% decline in the number of people moving there.
This limits opportunities for skill development and reduces the productivity and economic growth of major cities, especially Toronto and Vancouver, where housing prices are the highest in Canada.
In his latest article, High housing costs making it harder to move for jobs many are seeking, Aled ab Iorwerth, Deputy Chief Economist for CMHC, examines how high housing costs discourage Canadians from moving to cities where they would like to work and burdens the productivity of Canada's economy.
Read the full article on CMHC's Housing Observer: High housing costs making it harder to move for jobs many are seeking
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SOURCE Canada Mortgage and Housing Corporation (CMHC)
For information on this release: CMHC Media Relations, [email protected]
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