My Home Is Worth Millions – But Young People Are Priced Out of This City’

Before U.S. President Donald Trump's new tariffs ignited a trade storm with Canada, one issue dominated the minds of Canadians: housing affordability. As the federal election nears, voters are questioning whether any political party can resolve what has become a deepening generational crisis.

For Willow Yamauchi, the transformation of Vancouver’s housing market is personal. Twenty-five years ago, she and her husband bought a modest family home in the city for C$275,000—roughly C$435,000 in today’s dollars. Now, that same property is worth several million.

“We were just regular people,” the 52-year-old writer told the BBC. “My husband and I were very privileged to be able to purchase a house when we did.” As members of Generation X, they bought in before prices skyrocketed. For younger generations, Yamauchi says, the opportunity to own a home in Vancouver is nearly impossible without significant financial help from family.

A National Crisis, Not Just a Vancouver Story

Vancouver is often described as ground zero for Canada’s housing affordability crisis. The average price of a detached home in the city has ballooned from about C$350,000 in 2000 to more than C$2 million today. A report by California’s Chapman University recently ranked Vancouver among the world’s most unaffordable cities.

But Vancouver is not alone. Across Canada, the gap between house prices and income is among the largest in developed nations. In 2021, the average after-tax household income was approximately C$88,000. That same year, the average home cost C$713,500—more than eight times the income figure. In cities like Toronto and Vancouver, the disparity is even greater.

Younger Canadians, in particular, are feeling the squeeze. For many, home ownership seems more like fantasy than future.

‘We Can’t Ever Own Housing’

At the University of British Columbia’s Vancouver campus, the housing crisis dominates student concerns. Many live at home to save money or share cramped apartments with multiple roommates. Rents for single rooms near campus range from C$1,100 to C$1,500.

Emily Chu, 24, delayed her education for two years to work and save for both tuition and rent. She now lives with her brother, who helps cover costs. “That’s not even possible,” she says about owning a home. “Everybody kind of assumes that we can’t ever own housing.”

Even young professionals with strong incomes are being priced out. Margareta Dovgal, 28, a director at Vancouver-based non-profit Resource Works, says she has considered relocating to Alberta due to Vancouver’s high cost of living. Yet even Calgary—Alberta’s largest city—saw housing prices rise by 15% last year, driven by rapid population growth.

Housing Supply: The Core Issue

Experts say the root of the crisis lies in supply not keeping up with Canada’s growing population. The Canada Mortgage and Housing Corporation (CMHC) estimates that 3.8 million new homes must be built over the next six years to address the shortfall. But construction is lagging far behind that pace.

Barriers include high land costs, limited space in urban centers, and restrictive zoning laws. In Vancouver, more than half of all land is zoned exclusively for single-family homes—hindering the construction of multi-unit housing that could help ease demand.

“Vancouver is a classic example of a city choking on its own zoning,” says Daniel Oleksiuk, co-founder of the advocacy group Abundant Housing Vancouver.

Election 2025: Competing Visions for Housing Reform

On the campaign trail, all major federal parties have put housing at the center of their platforms.

Liberal leader Mark Carney has pledged to build 500,000 new homes annually, aided by a new government agency, Build Canada Homes. Modeled after post-World War II efforts to house veterans, the plan aims to boost the supply of affordable housing. Critics question the feasibility of the plan, which would require more than doubling Canada’s current construction rate.

Conservative leader Pierre Poilievre has proposed tying federal funding to housing starts, rewarding cities that increase construction and penalizing those that obstruct it. He also promises to remove federal taxes on new home builds. But critics argue this won’t significantly help, as most home sales involve resold properties, not new builds.

Despite housing falling slightly behind tariffs as a top concern, voters remain deeply focused on the issue. Many see the federal government as a key player capable of spurring nationwide change.

A Generational Divide

Some argue that no political party is addressing the deeper, more uncomfortable truth: the growing wealth divide between generations.

Paul Kershaw, public policy professor at UBC and founder of the think tank Generation Squeeze, says that younger Canadians have been asked to endure higher housing costs to preserve the wealth of older homeowners.

“The political bargain has asked younger Canadians to suffer higher rents and mortgages in order to protect those higher home values,” Kershaw said. “None of the parties are really naming that generational tension.”

He believes Canada’s housing crisis is not just an economic issue, but a cultural one—requiring leaders to rethink the assumptions that have long defined Canadian home ownership.

Until then, prospects for young Canadians remain dim. “You have to win the lottery, or marry a multi-millionaire,” Dovgal joked. “Those are kind of the options.”