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Experts argue that the Canadian government must permit a decline in home prices to enhance housing affordability. This perspective counters a federal cabinet minister's assertion that reducing home prices isn't necessary for affordability. Experts contend that without a decrease in prices, many Canadians will continue to face challenges entering the housing market. They emphasize that while increasing housing supply is essential, it won't suffice without addressing the high cost of homes.

The experts highlight that current housing policies may inadvertently maintain elevated home prices, benefiting existing homeowners but hindering new buyers. They stress the importance of implementing measures that allow the market to adjust naturally, potentially leading to price reductions. Such adjustments could make homeownership more attainable for a broader segment of the population.

Furthermore, the article discusses the broader implications of housing affordability on the Canadian economy and society. Persistent high home prices can lead to increased household debt and limit consumer spending in other areas. By allowing home prices to decrease, the government could alleviate financial pressures on Canadians, promoting economic stability and growth.

Read the full article on: CTV NEWS