Priced out: Renters facing challenges during red-hot pandemic housing market

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  • Global News published this video item, entitled “Priced out: Renters facing challenges during red-hot pandemic housing market” – below is their description.

    According to a recent Royal LePage survey, the pandemic has pushed more millennials from renting into home ownership. Baby boomers who’ve benefited from gravity-defying rising values can feel more comfortable about their retirement prospects, and economists say that’s part of the reluctance to meaningfully cool prices.

    Some analysts say that because homeownership is seen as a right, not a privilege, government policies unfairly continue to benefit buyers over renters. This can be seen in an unwillingness to take major steps to cool a red-hot pandemic housing market as well as lax protections for renters who face instability in tight markets such as Toronto and Vancouver.

    Anne Gaviola explains.

    Priced out is a three-part series looking at housing affordability challenges facing young people in Canada.

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    Canada is a country in the northern part of North America. It extends from the Atlantic to the Pacific and northward into the Arctic Ocean, covering 9.98 million square kilometres (3.85 million square miles), making it the world’s second-largest country by total area.

    Its southern and western border with the United States, stretching 8,891 kilometres (5,525 mi), is the world’s longest bi-national land border. Canada’s capital is Ottawa, and its three largest metropolitan areas are Toronto, Montreal, and Vancouver.

    Various Indigenous peoples inhabited what is now Canada for thousands of years before European colonization. The Canada Act 1982, which severed the vestiges of legal dependence on the British Parliament. Canada is a parliamentary democracy and a constitutional monarchy in the Westminster tradition, with a monarch and a prime minister who serves as the chair of the Cabinet and head of government.

    As a highly developed country, Canada has the seventeenth-highest nominal per-capita income globally as well as the thirteenth-highest ranking in the Human Development Index. Its advanced economy is the tenth-largest in the world, relying chiefly upon its abundant natural resources and well-developed international trade networks.

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