OTTAWA – Housing experts are pushing back against a federal cabinet minister’s recent claim that home prices don’t need to go down in order to restore housing affordability.
Gregor Robertson, the former mayor of Vancouver who was elected to the House of Commons in April, sparked the debate after he was sworn in as housing minister earlier this, when a reporter asked him whether he thinks home prices need to fall.
“No, I think that we need to deliver more supply, make sure the market is stable. It’s a huge part of our economy,” he said.
People holding “underwater mortgages” are increasing and are typically found in urban centres like those that voted for Carney.
