In a stance that may surprise struggling homebuyers across the nation, Canada’s newly appointed Housing Minister Gregor Robertson has declared his opposition to falling home prices, signaling a potential shift in federal housing strategy that could impact millions of Canadians.
“It’s not the goal to see a crash in the housing market. That doesn’t help anybody,” Robertson stated during an interview with Global News on Monday, marking his first significant policy position since taking office. The former Vancouver mayor, who led the city during a period of skyrocketing housing costs, emphasized that stabilization—not depreciation—remains the government’s objective.
Robertson’s appointment comes at a critical juncture in Canada’s ongoing housing crisis, where the average home price hovers around $700,000 nationally, having climbed approximately 57% over the past five years according to the Canadian Real Estate Association. In major urban centers like Toronto and Vancouver, the situation is even more dire, with benchmark prices exceeding $1.2 million.
Critics immediately questioned the minister’s priorities, pointing to affordability metrics showing that average Canadian families now need to dedicate more than 60% of their income to housing costs in many markets. “Minister Robertson appears more concerned with protecting investor equity than addressing the fundamental disconnect between incomes and home prices,” said housing advocate Jennifer Keesmaat, former Toronto chief planner.
The statement represents a notable contrast to the urgent affordability rhetoric that characterized Prime Minister Justin Trudeau’s recent cabinet shuffle. During Robertson’s swearing-in ceremony, Trudeau emphasized that “making housing affordable for every Canadian” remained the government’s top priority, leaving some observers questioning whether preserving high home values aligns with this mission.
Robertson defended his position by highlighting the complex economic relationships at stake. “There are millions of Canadian families whose financial security is tied to their home equity,” he explained. “Our approach must balance the need for greater affordability with protecting existing homeowners from financial shock.”
The minister outlined a strategy focused on dramatically increasing housing supply through federal-provincial partnerships, streamlining approval processes, and expanding financing options for first-time buyers. These measures, he suggested, would ease price pressures without triggering market instability.
Housing economists offered mixed reactions to Robertson’s comments. “There’s a legitimate concern about economic ripple effects from a housing market crash,” noted Benjamin Tal, deputy chief economist at CIBC. “However, the current price-to-income ratios in many Canadian cities remain fundamentally unsustainable without significant wage growth.”
Robertson’s perspective appears influenced by his experience governing Vancouver from 2008 to 2018, a period that saw the city become one of the world’s least affordable housing markets despite various municipal interventions. His tenure saw the introduction of an empty homes tax and restrictions on short-term rentals, but critics argue these measures failed to meaningfully curb Vancouver’s extreme price growth.
The minister’s stance raises profound questions about the government’s approach to intergenerational equity in housing policy. While protecting existing homeowners’ equity benefits the approximately 66% of Canadians who own homes, it potentially extends the affordability crisis for younger generations and newcomers struggling to enter the market.
As Robertson begins implementing his vision for Canada’s housing landscape, the fundamental tension remains unresolved: can a government simultaneously protect high home values while making housing affordable for those priced out of the market? As Canadians watch this policy approach unfold, they must ask themselves whether stabilizing our housing market at its current elevated levels truly serves the long-term interests of a nation where finding an affordable place to call home has become increasingly elusive.
