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Making housing more affordable means your home's value will have to come down
Politicians are generally not in the business of saying things that voters don’t want to hear
In a recent interview with The Globe’s City Space podcast, Prime Minister Justin Trudeau was asked whether making housing less unaffordable would mean current homeowners accepting a reduction in the value of their homes. Ultralow interest rates during the pandemic pushed high prices to new records, and in the past two years, an unprecedented immigration boom has added even more housing demand. The median income needed to quality for a mortgage on the average home – that’s a house, townhouse or condo – in still-affordable Edmonton is $109,000, according to National Bank.
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