Economy
Toronto, Vancouver named “Impossibly Unaffordable”

From the Frontier Centre for Public Policy
Two Canadian cities — Toronto and Vancouver — have earned the title of “impossibly unaffordable” in a new report.
“There has been a considerable loss of housing affordability in Canada since the mid-2000s, especially in the Vancouver and Toronto markets,” according to the Demographia International Housing Affordability report, which is released annually.
“During the pandemic, the increase in remote work (working at home) fuelled a demand increase as many households were induced to move from more central areas to suburban, exurban and even more remote areas. The result was a demand shock that drove house prices up substantially, as households moved to obtain more space, within houses and in yards or gardens.”
Vancouver was the least affordable market in Canada, and the third least affordable out of all of the 94 markets observed in the report. The West Coast city’s affordability issue has “troublingly” spread to smaller areas like Chilliwack, the Fraser Valley, Kelowna, and markets on Vancouver Island, per the report.
Toronto was named as the second least affordable market in Canada. However, it fared slightly better than Vancouver when it came to the other markets, ranking 84 out of 94 in international affordability.
“As in Vancouver, severely unaffordable housing has spread to smaller, less unaffordable markets in Ontario, such as Kitchener-cambridge-waterloo, Brantford, London, and Guelph, as residents of metro Toronto seek lower costs of living outside the Toronto market,” the report says.
The findings of the report have “grave implications on the prospects for upward mobility,” said Joel Kotkin, the director at the Center for Demographics and Policy at Chapman University, a co-publisher of the report along with Canada’s Frontier Centre for Public Policy.
“As with any problem, the first step towards a resolution should be to understand the basic facts,” he said. “This is what the Demographia study offers.”
The report looked at housing affordability in 94 metropolitan areas in Australia, China, Ireland, New Zealand, Singapore, the United Kingdom, the United States and Canada. The data analyzed was taken from September 2023. The ratings are based on five categories (affordable, moderately unaffordable, seriously unaffordable, severely unaffordable, and impossibly unaffordable) with a points system to classify each area.
The report determined affordability by calculating the median price-to-income ratio (“median multiple”) in each market.
“There is a genuine need to substantially restore housing affordability in many markets throughout the covered nations,” said Frontier Centre for Public Policy president Peter Holle, in a statement. “In Canada, policymakers are scrambling to ‘magic wand’ more housing but continue to mostly ignore the main reason for our dysfunctional costly housing markets — suburban land use restrictions.”
Toronto and Vancouver both received the worst possible rating for affordability, making them stand out as the most expensive Canadian cities in which to buy a home. However, other Canadian markets — like Calgary, Montreal and Ottawa-gatineau — stood out as well. They were considered “severely unaffordable.”
“This is a long time coming,” senior economist with the Canadian Centre for Policy Alternatives David Macdonald told CTV News.
“We haven’t been building enough housing, we certainly haven’t had enough government investment in affordable housing for decades, and the chickens are coming home to roost.”
The most affordable Canadian city in the report was Edmonton, which was given a rating of “moderately unaffordable.” The city in Alberta was “at least twothirds more affordable” than Vancouver.
Overall, Canada ranked third in home ownership compared to the other regions observed in the report. The highest home ownership rate was in Singapore, at 89 per cent, followed by Ireland, at 70 per cent. In Canada, the rate was 67 per cent.
First published in the National Post here, June 17, 2024.
Business
Canada may escape the worst as Trump declares America’s economic independence with Liberation Day tariffs

MxM News
Quick Hit:
On Wednesday, President Trump declared a national emergency to implement a sweeping 10% baseline tariff on all imported goods, calling it a “Declaration of Economic Independence.” Trump said the tariffs would revitalize the domestic economy, declaring that, “April 2, 2025, will forever be remembered as the day American industry was reborn.”
Key Details:
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The baseline 10% tariff will take effect Saturday, while targeted “reciprocal” tariffs—20% on the EU, 24% on Japan, and 17% on Israel—begin April 9th. Trump also imposed 25% tariffs on most Canadian and Mexican goods, as well as on all foreign-made cars and auto parts, effective early Thursday.
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Trump justified the policy by citing foreign trade restrictions and long-standing deficits. He pointed to policies in Australia, the EU, Japan, and South Korea as examples of protectionist barriers that unfairly harm American workers and industries.
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The White House estimates the 10% tariff could generate $200 billion in revenue over the next decade. Officials say the added funds would help reduce the federal deficit while giving the U.S. stronger leverage in negotiations with countries running large trade surpluses.
Diving Deeper:
President Trump on Wednesday unveiled a broad new tariff policy affecting every imported product into the United States, marking what he described as the beginning of a new economic era. Declaring a national emergency from the White House Rose Garden, the president announced a new 10% baseline tariff on all imports, alongside steeper country-specific tariffs targeting longstanding trade imbalances.
“This is our Declaration of Economic Independence,” Trump said. “Factories will come roaring back into our country — and you see it happening already.”
The tariffs, which take effect Saturday, represent a substantial increase from the pre-Trump average U.S. tariff rate and are part of what the administration is calling “Liberation Day” for American industry. Reciprocal tariffs kick in April 9th, with the administration detailing specific rates—20% for the European Union, 24% for Japan, and 17% for Israel—based on calculations tied to bilateral trade deficits.
“From 1789 to 1913, we were a tariff-backed nation,” Trump said. “The United States was proportionately the wealthiest it has ever been.” He criticized the establishment of the income tax in 1913 and blamed the 1929 economic collapse on a departure from tariff-based policies.
To underscore the move’s long-anticipated nature, Trump noted he had been warning about unfair trade for decades. “If you look at my old speeches, where I was young and very handsome… I’d be talking about how we were being ripped off by these countries,” he quipped.
The president also used the moment to renew his push for broader economic reforms, urging Congress to eliminate federal taxes on tips, overtime pay, and Social Security benefits. He also proposed allowing Americans to write off interest on domestic auto loans.
Critics of the plan warned it could raise prices for consumers, noting inflation has already risen 22% under the Biden administration. However, Trump pointed to low inflation during his first term—when he imposed more targeted tariffs—as proof his strategy can work without sparking runaway costs.
White House officials reportedly described the new baseline rate as a guardrail against countries attempting to game the system. One official explained the methodology behind the reciprocal tariffs: “The trade deficit that we have with any given country is the sum of all trade practices, the sum of all cheating,” adding that the tariffs are “half of what they could be” because “the president is lenient and he wants to be kind to the world.”
In addition to Wednesday’s sweeping changes, Trump’s administration recently imposed a 25% tariff on Chinese goods tied to fentanyl smuggling and another 25% on steel and aluminum imports—revoking previous carve-outs for countries like Brazil and South Korea. Future tariffs on semiconductors, pharmaceuticals, and raw materials such as copper and lumber are reportedly under consideration.
Trump closed his remarks with a message to foreign leaders: “To all of the foreign presidents, prime ministers, kings, queens, ambassadors… I say, ‘Terminate your own tariffs, drop your barriers.’” He declared April 2nd “the day America’s destiny was reclaimed” and promised, “This will indeed be the golden age of America.”
2025 Federal Election
Three cheers for Poilievre’s alcohol tax cut

By Franco Terrazzano
The Canadian Taxpayers Federation applauds Conservative Party Leader Pierre Poilievre’s commitment to end and reverse the alcohol escalator tax.
“Poilievre just promised major alcohol tax cuts and taxpayers will cheers to that,” said Franco Terrazzano, CTF Federal Director. “Poilievre’s tax cut will save Canadians money every time they have a cold one with a buddy or enjoy a glass of Pinot with their better half and it will give Canadians brewers, distillers and wineries a fighting chance against tariffs.”
Today, federal alcohol taxes increased by two per cent, costing taxpayers about $40 million this year, according to Beer Canada.
Poilievre announced a Conservative government “will axe the escalator tax on wine, beer and spirits back to 2017 levels, ending the automatic annual tax increases.”
The alcohol escalator tax has automatically increased excise taxes on beer, wine and spirits every year, without a vote in Parliament, since 2017. The alcohol escalator tax has cost taxpayers more than $900 million since being imposed, according to Beer Canada.
Taxes from multiple levels of government account for about half of the price of alcohol.
Meanwhile, tariffs are hitting the industry hard. Brewers have described the tariffs as “Armageddon for craft brewing.”
“Automatic tax hikes are undemocratic, uncompetitive and unaffordable and they need to stop,” Terrazzano said. “If politicians think Canadians aren’t paying enough tax, they should at least have the spine to vote on the tax increase.
“Poilievre is right to end the escalator tax and all party leaders should commit to making life more affordable for Canadian consumers and businesses by ending the undemocratic alcohol tax hikes.”
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