Canadians finding homes too expensive in cities where they seek jobs, says housing agency [Video]

Canada Mortgage and Housing Corporation (CMHC) says high housing costs are restricting population mobility in the country, as Canadians are finding that it’s too pricey to buy or rent in cities where they seek jobs.

The federal housing agency said its analysis shows that a one per cent increase of housing prices in a destination city leads to a corresponding one per cent decline in the number of people moving there.

Since 1990, the percentage of households in Canada moving each year — including within municipalities — has dropped from nearly 17.8 per cent to just 10.1 per cent in 2020.

“This trend reflects many factors including population aging and technological changes, but housing costs have a role to play as well,” said CMHC deputy chief economist Aled ab Iorwerth in an online post.

He said the inability to move due to high housing costs is felt by both current …