Can election promises help young Londoners one day afford their own home? [Video]

As dealers of modular and prefabricated homes eye a Liberal promise to double the rate of residential construction over the next decade, a new report paints a grim picture of current homeownership realities.

Home prices have doubled relative to family incomes since 2005 and London is considered “deeply unaffordable” for middle-class families, according to numbers crunched by economist Mike Moffat at the Missing Middle Initiative.

“Young people are out of options when it comes to housing in our province,” said Scott Andison, head of the Ontario Home Builders’ Association, which commissioned Moffatt’s April report.

Enter modular homes, made of prefabricated pieces that go together like building blocks and can be put together either in a factory or on someone’s property. They’re being touted as one relief measure for the country’s housing crisis, part of a Liberal plan to build 500,000 houses per year over the next 10 years.

“I’m 30 …