On January 6, Prime Minister Justin Trudeau announced his resignation as leader of the ruling Liberal Party, marking the end of his nine years in office.
Parliament will remain suspended until March 24, and Trudeau will remain Prime Minister while the Liberal Party selects a new leader.
He steps down amid mounting public criticism, particularly over the country’s cost-of-living and housing affordability crises. Under his administration, the average home price climbed from $454,184 in 2015 to $694,411 today, and average rents surged from $907 to $2,139. Supply shortages and immigration-fueled demand further strained affordability, making housing a key issue of his tenure.
In the coming months, many buyers and investors may adopt a wait-and-see approach, potentially leading to slower market activity, but any slowdown is likely to be temporary as the new leadership takes shape.
The long-term effects on the housing market will largely depend on the policy direction of Trudeau’s successor. They will face pressure to tackle affordability, review federally-funded housing development projects, and balance immigration with infrastructure capacity.
For now, Canada’s housing market stands at a crossroads. Trudeau’s departure presents an opportunity for new approaches to the country’s enduring economic and housing challenges. The immediate question is, will the next chapter in Canadian politics bring relief or further uncertainty for homeowners and renters?
More housing policy headlines
Top contenders to replace Justin Trudeau – CTV News
Trudeau’s resignation means capital gains tax hike gone too – Storeys
Could Trump’s presidency affect the Canadian housing market? – PayProp blog
