Canada Mortgage and Housing Corp. says high housing costs are restricting population mobility in the country, as Canadians are finding that it’s too pricey to buy or rent in cities where they seek jobs.
The federal housing agency’s analysis shows that a one percent increase of housing prices in a destination city leads to a corresponding one percent decline in the number of people moving there.
CMHC deputy chief economist Aled ab Iorwerth says the inability to move due to high housing costs is felt by both current workers and those new to the workforce, which limits skill development and reduces the economic growth of major cities….