Canadian Snowbirds Cashing Properties in the US: Report
A latest report released by the Federation of Canadian Municipalities stated that country's government at all levels should take quick actions to cope up with a looming housing problem.
According to a new data gathered by one of North America's leading currency exchange groups, Canadian snowbirds are cashing out their properties in the United States at an alarming rate.
The study showed that long and firm decline in the federal subsidies for social housing has left several provinces, territories and municipalities of the country struggling against market forces that are creating difficulties for low- and modest-income renters.
Brad Woodside, the president of the FCM, said, "With 850,000 lower-rent units lost in the last decade, our rental sector is ill prepared for any downturn in the housing market. One in five renters pays more than 50 per cent of their income on housing".
The report noted that existing social housing stock was created under a partnership involving all orders of government. But as Ottawa opted for renewal agreements, cash strapped provinces and cities were unable to properly maintain their properties.
It further showed that housing price increases have also made it more difficult for many people to get a foothold. A third of households in Canada rent, just 11% of housing.
A study written by Steve Pomeroy, a research associate at Carleton University's Centre for Urban Research and Education stated that the time has come for the course correction within Canada's housing system.
While the federal government still spends around $1.7 billion annually on housing, federal funding as a share of the country's economy as measured by GDP has fallen 40 per cent since 1989.
The study stated that insecure housing in the country even brings in costs that rebound throughout the labour market and the economy of the nation.
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