Despite recent efforts by the provincial and federal governments, Ontario is in the deepest housing affordability crisis in its history. The cost-to-income ratio for a new home now exceeds 9:1, compared to the historical norm of 3:1 and 4:1 that prevailed for most of the post-war period. However, there is some good news. The crisis is not a private-market failure. It is largely policy-constructed, which means it can also be corrected.
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