Part 9/11:
Experts assert that further government action is essential. They advocate for measures such as reducing taxes like PST and GST on new housing, increasing support for affordable and rental housing projects, and providing capital grants to stimulate activity.
The crisis also signals impending widespread layoffs in the financial sector, especially as mortgage defaults soar. Loan processors, appraisers, and legal experts handling foreclosures will be overwhelmed, triggering further layoffs.
Municipalities face declining revenues, leading to cuts in planning and inspection departments, which will further slow down the already stalling housing development pipeline. Without decisive policy measures, the situation is likely to worsen, plunging Canada into an extended recession.