![]() The projects I studied had benefited from a shift in national housing policy around 1973 when governments moved from direct supply in the form of public housing projects, to funding non-profit and for-profit suppliers of low-income housing in the United States and non-profits and co-ops in Canada. (My paper on Montréal cases called “Empowerment through Design? Housing Cooperatives for Women in Montreal” will be published in May.) My experiences with the housing market motivated me to study the architectural history of a number of decommodified housing options conceived at the end of the 1970s that are still in operation in Providence, R.I., and in Montréal. This is a standard story - but why should it be? Architecture and decommodified housing Even while having steady and secure employment as a professor, and being part of a dual-income family, housing cost me not only a good portion of my income but also considerable time. I have moved five times in the past decade. ![]() ![]() I experienced the heated market first-hand last summer when I was outbid on multiple homes. The housing crisis is affecting Canadians across the income spectrum, driving up costs and making it out of reach for some and more difficult for others. deadline was given for people to vacate the park on April 31, 2021. In contrast, house prices have deflated over this time frame in Greece (-2.6 per cent), Italy (-2.5 per cent) and Spain (minus one per cent).Two friends embrace at a homeless encampment at Strathcona Park in Vancouver, B.C., after a 10 a.m. The top three based on this measure include New Zealand (7.2 per cent), Canada (4.2 per cent) and Sweden (4.4 per cent), all of which have posted home-price growth well above their longer-term averages and double the sample mean of 2.2 per cent. Conversely, Italy (53 per cent), Germany (58 per cent) and Greece (62 per cent) screen quite well according to this metric.įinally, we also looked at the 10-year compounded annual growth rate (CAGR) of real house prices to assess which countries have experienced the largest housing market price gains. Countries with a larger household debt ratio will experience a greater hit to consumer spending (as debt-servicing costs and mortgage rates rise) than those with lower household debt-to-GDP ratios.īased on this metric, Switzerland (133 per cent), Australia (120 per cent) and Norway (111 per cent) are most vulnerable, with ratios well above our sample average of 87 per cent. The next metric - household debt to GDP - measures consumer debt (mainly mortgages and consumer credit) as a share of total economic output and helps us gauge the extent to which each country’s residential real estate market is exposed to the recent backup in interest rates as many central banks switch gears to less accommodative environments. As was the case with the home price-to-rent metric, Italy (98 per cent) and Korea (97 per cent) scored at the bottom and, with ratios under 100 per cent, actually show the price tag on dwellings has fallen in comparison to disposable income over this period. Once again, Canada (130 per cent), New Zealand (135 per cent) and Portugal (134 per cent) top the list, joined by Germany (133 per cent), which has also seen house prices surge by more than 30 per cent relative to disposable income since 2015. Next up is the home price-to-income ratio - another measure of housing affordability - which is calculated by dividing nominal house prices by disposable income per capita (where lower values also reflect a more affordable environment). On the other end of the spectrum, relatively lower readings in Italy (101 per cent) and South Korea (107 per cent) suggest home prices there have grown at a pace roughly in line with rental growth acceleration since 2015. Based on this metric, Canada, New Zealand and Portugal scored the worst, with ratios above 140 per cent (considerably higher than the average of 126 per cent). The home price-to-rent ratio measures the relative affordability of owning versus renting (the higher the score, the more expensive it is to own).
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