Canadians are facing a crisis of unaffordable housing, with the cost of mortgage borrowing increasing by 28.5% year-over-year and the cost of essential goods such as food and gas rising. The difficulty of affording a home in Toronto is so high that it would take someone with a median income 25 years to save for a down payment. This crisis is already causing people to miss payments on credit cards and car loans, with the risk of mortgage default among the world’s advanced economies highest in Canada. To solve this problem, governments need to work together to make effective changes, including cutting red tape and increasing housing stock