Canada's housing crisis is about invisible walls built into municipal zoning codes that most people never think about. In Yellow Belt neighborhoods, homeowners can tear down a modest bungalow and build a multi-million dollar mansion, but they cannot legally construct a simple duplex that would house two families instead of one. This is exclusionary by design, with demographics revealing that residents in these protected zones are wealthier, whiter, and have better access to parks and city amenities than those living in denser areas. Meanwhile, cities like Montreal prove there's another way, with 58% of dwellings as apartments achieved through "gentle density", duplexes, triplexes, and walk-ups, rather than high-rise towers, resulting in better affordability than Toronto or Vancouver.
The good news is that Canadian cities are finally waking up to this manufactured scarcity, with Edmonton leading the charge by eliminating single-family zoning citywide in January 2024 and approving 30% more dwelling units as a result. Vancouver, Toronto, Calgary, and Halifax have followed with their own reforms, incentivized by the federal government's $4 billion Housing Accelerator Fund that rewards municipalities for removing zoning barriers. Combined with solutions like modular housing construction, public land utilization, skilled trades immigration, and increased social housing investments, Canada has a realistic pathway to building 3.3 million new homes over the next decade, exceeding the 2.3 million additional homes needed by 2030.
Key Takeaways
Chapters
00:00 Introduction: Why Zoning Laws Matter for Housing Affordability
02:34 The Yellow Belt: How Single-Family Zoning Locks Out Families
04:58 NIMBY Opposition and the Democratic Problem
07:21 Edmonton's Bold Move: Eliminating Single-Family Zoning
09:45 Public Lands for Homes: Using 4,000 Hectares Smarter
12:00 Workforce Solutions: Tackling the $28,000 Labor Shortage Cost
14:16 Social Housing: Why Canada Lags Behind Europe
16:35 The Math: How 3.3 Million New Homes Is Achievable
19:00 Coordinated Solutions: From Modular Housing to Climate Resilience
21:25 Closing: The Path Forward Through Existing Communities
Curious about how we can really fix Canada’s housing crisis?
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Fact Checks
Have you ever wondered why owning your first home in Canada feels so out of reach? In this episode, we dig deep into the hidden side of the housing crisis that barely gets mentioned, domestic investor speculation. Shockingly, nearly one in three homes sold in 2025 went to investors, not folks looking for a place to actually live. And it's not just your well-off neighbor; our very own pension funds, like the CPPIB and OTPP, are controlling a whopping share of real estate deals worldwide, treating homes more like stock portfolios than spaces for families. If you thought foreign buyers were the villains, think again: the data shows homegrown speculation is quietly squeezing out first-time buyers in a big way (and over 20% of Canadians now own more than one property!).
Let’s talk about the programs that are supposed to help us out. Tools like the First Home Savings Account and the Home Buyers' Plan sound great on paper, but in practice, they’re adding fuel to the fire. When everybody gets more money to spend on a limited number of homes, prices simply go up even more. Worse still, some government initiatives have already been shut down due to poor uptake or unintended effects, and those still standing might be inflating demand and making it even harder for real families to get ahead. The combined buying power of pension funds and investor households, backed by large capital and tax advantages, means that everyday buyers face impossible odds in bidding wars.
But here’s the good news: we actually have policy solutions that work! Measures like targeted speculation taxes, limiting the share of residential real estate in pension fund portfolios, and redirecting tax revenue into affordable housing construction have already proven effective elsewhere, like in BC’s Speculation and Vacancy Tax. These actions could level the playing field, prioritize homes for people, and fight runaway mortgage debt. The catch? It’s going to take real political pressure and a unified voice from all of us. If we can put consistent pressure on our representatives, there's hope for a future where affordable housing isn’t just a headline, it’s reality.
Takeaway List (12 Key Points)
Chapters
02:30 – The ‘hidden’ side of investor-driven housing crisis
06:12 – Real estate investors now buy 30% of homes
09:50 – How over 20% of Canadians became multi-property owners
14:35 – Shrinking first-time buyer share & rising investor profits
18:15 – Pension funds: surprise giants of real estate speculation
22:00 – Real losses for pension funds, unreal consequences for buyers
25:45 – Why first-time buyer programs may inflate prices
30:18 – Failed government interventions and market inefficiencies
34:22 – Policy solutions: taxes, restrictions & revenue recycling
39:40 – International lessons & winning the public policy game
44:50 – Call to action: demand better housing policies
Curious about how we can really fix Canada’s housing crisis?
• Visit canadashousingcrisis.transistor.fm for more episodes
• Share your questions and ideas by emailing hello@micme.com
• Join the newsletter at canadashousingcrisis.transistor.fm/subscribe
Fact Checks / Corrections
Sources
https://www.cmhc-schl.gc.ca/observer/2025/summer-update-2025-housing-market-outlook
https://www.rbc.com/en/thought-leadership/economics/canadianhousing/special-housing-reports/canadas-housing-market-forecast-update/
https://wowa.ca/reports/canada-housing-market
https://www.cmhc-schl.gc.ca/en/observer/2025/is-toronto-condo-market-downturn-repeat-of-1990s
https://www.crea.ca/housing-market-stats/canadian-housing-market-stats/quarterly-forecasts/
https://stories.td.com/ca/en/article/canada-housing-forecast-2025
https://www.canadianmortgagetrends.com/2025/09/oxford-says-canadian-economy-to-remain-sluggish-as-housing-struggles-to-find-bottom/
https://www.truenorthmortgage.ca/blog/housing-market-forecast
https://blog.remax.ca/canadian-housing-market-outlook/
https://www.pwc.com/ca/en/industries/real-estate/emerging-trends-in-real-estate.html
On this episode of the Canada's Housing Crisis podcast, despite what headlines might make you think, only 29% of Canadians actually oppose gentle density, and those passionate voices often drive local housing politics, especially when it comes to city council meetings. I unpack why areas like Calgary and Edmonton are soaring with record housing starts, while Ontario’s construction numbers are hitting a concerning low, and how BC’s strong political leadership overcame local resistance to deliver real housing results. It’s fascinating (and sometimes infuriating) how public consultations end up favoring the loudest, but not always the majority. I’m here to make sense of the data, the politics, and the real human stories behind Canada’s housing challenges.
This episode also explores how gentle density can actually make neighborhoods more livable and even boost property values. We talk practical solutions too, did you know public land can be a game-changer for affordable housing? The symbolism of record housing starts in Alberta against Ontario’s slump, plus the federal Housing Accelerator Fund’s standout results in places like Thunder Bay, all point to the clear need for bold, coordinated government action. I break down why federal and provincial governments need to step up, back municipalities, and make tough but urgent choices that cut through endless local opposition and put the needs of renters, young families, and everyday Canadians front and center.
If you’re wondering what really causes housing gridlock or how community consultation processes can sometimes get hijacked by a few voices, this episode will give you clarity. We’re not looking for a silver bullet, we’re looking for leadership and practical policy that harnesses Canada’s existing resources, from land to legislation, and ensures everyone gets a fair shot at a safe, affordable home. Dive in to find out why gentle density isn’t just a buzzword but a vital part of our path forward, and hear why political will, not just policy tweaks, is the make-or-break factor in solving our housing crisis.
Takeaway List
Chapters
00:00 Introduction to Canada's Housing Crisis
00:56 The Divide in Housing Policy
04:40 Current Housing Market Trends
08:48 Successful Strategies for Housing Development
12:41 Addressing Community Opposition
16:31 Generational Perspectives on Housing
17:58 Economic Viability of Housing Solutions
22:10 The Role of Public Land in Housing
23:56 Proposed Policy Changes for Housing
26:41 Conclusion and Call to Action
Curious about how we can really fix Canada’s housing crisis?
SOURCES:
Ever seen that viral map with a giant red circle over Canada’s north and wondered, “Why don’t they just build houses there?” In today’s episode, I dig deep into that question and uncover why, despite all that empty land, we simply can’t solve Canada’s housing crisis by moving north. From the brutal realities of building on permafrost and ancient bedrock to sky-high infrastructure and transportation costs, I break down the real reason why most of us live near the border. And more importantly, I lay out a roadmap for how we can actually fix our housing shortage using the land we already have.
We take a closer look at Canada’s so-called “habitable belt”—that narrow band where almost 90% of Canadians call home. The true challenge isn’t land scarcity, but land-use efficiency. Imagine cities filled with “missing middle” housing, public land turned into vibrant mixed-income communities, and smarter policies that drive affordability. I walk through concrete, practical solutions: legalizing gentle density, eliminating parking minimums near transit, investing in modular construction, and fast-tracking skilled trades immigration and apprenticeships, all to unlock more housing and better neighborhoods.
Finally, I explore the numbers: How can we truly build 3.3 million new homes in the next decade while keeping our communities affordable, sustainable, and ready for climate change? With a mix of innovative policy, smart investments, and a big-picture shift in how we think about our cities, we really can tackle Canada’s housing crisis without venturing into the frozen north. If you have thoughts or questions about today’s episode, don’t forget to visit our website or drop us a line at hello@micme.com. Let’s keep the conversation going—because the solution is right here, in how we choose to build.
Takeaway List (Top 12):
Chapters:
0:00 – Introduction and the social media “red circle” myth
3:12 – Why building in the Canadian Shield and Arctic is so tough
7:04 – Cost breakdowns: Permafrost, ice roads, and infrastructure
10:46 – Housing needs where people already live
12:30 – What “using land better” looks like
15:11 – Missing middle: gentle density explained
18:02 – Policy tools: upzoning, funding, parking reform
20:25 – Transforming public land and Build Canada Homes
23:10 – Addressing labor shortages (immigration, apprenticeships)
25:30 – Smart growth: transit-oriented development
28:42 – Unlocking housing capacity: suites and office conversions
31:19 – Embedding affordability: co-ops, rentals, targeted incentives
34:06 – Climate resilience and sustainable design
36:45 – The math: how to build 3.3 million homes in 10 years
39:54 – Accountability, transparency, final thoughts
Curious about how we can really fix Canada’s housing crisis?
Sources:
https://www.youtube.com/watch?v=k9ci_YR27Yo
https://www.youtube.com/watch?v=oxi4xrddNYo
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https://assets.cmhc-schl.gc.ca/sites/cmhc/professional/housing-markets-data-and-research/housing-research/research-reports/accelerate-supply/canadas-housing-supply-shortages-new-framework/2025-canadas-housing-supply-shortages-new-framework-en.pdf
https://open.spotify.com/episode/75qWyLTSmXA91GUgkHmSp5
https://www.pm.gc.ca/en/news/news-releases/2025/09/14/prime-minister-carney-launches-build-canada-homes
https://www.youtube.com/watch?v=Ee11JmcbpcI
https://housing-infrastructure.canada.ca/housing-logement/progs-initiatives/index-eng.html
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https://housing-infrastructure.canada.ca/bch-mc/index-eng.html
https://albertaadvantagepod.com/2020/06/24/shelter-in-place-canadas-housing-crisis/
https://housingrightscanada.com
https://www.youtube.com/watch?v=8vFLZDzt4HI