There is no other way to sugar-coat what is happening in Canada’s housing market: The nation is facing a severe supply shortage. Why is housing supply so low?
Current market conditions, be it record-low inventories or strengthening demand, have sparked a housing affordability crisis. With interest rates on the rise and an inevitable increase in the mortgage stress test, buying a home within typical Canadian incomes and budgets will become more difficult this year, and potential into the foreseeable future.
But while factors such as historically low-interest rates and pandemic-era pent-up savings have contributed to the current housing frenzy, the fundamental principle of supply and demand has been the chief component in…
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