OTTAWA -- Prime Minister Justin Trudeau has promised municipal leaders federal backing and resources toward efforts to address the high cost of housing that he says is creating a crisis for young and middle-class families.
The cost of housing has risen across the country, driven by a mix of low interest rates and demand outstripping supply as Canadians working from home look for more space.
Speaking to the Federation of Canadian Municipalities annual meeting, Trudeau said the cost of owning a home is out of reach for too many people in Canada's largest cities, noting it can take 280 months for an average family to save for a down payment in a place like Toronto.
"Young people aren't facing a housing problem, they're facing a housing crisis," Trudeau said Tuesday in a speech that had a campaign feel to it.
"We've got a generation of Canadians who are starting their lives, maybe hoping to start a family, without the same opportunity as their parents or grandparents to get a first home and build equity and their future. Things need to change."
He said his government would look for ways to change the situation beyond what the Liberals have already laid out, but didn't outline what those solutions might be.
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