Is Canada’s housing affordability crisis as bad as it was a year ago? No.
Is Canada’s housing affordability crisis still ongoing? Yes.
The talk of affordability has dissipated in recent months as prices continue slipping from their peak earlier this year. Many financial institutions are anticipating declining prices heading into the new year, with projections as deep as 25 per cent.
While this is a considerable drop in home valuations, prices are expected to remain above the pre-pandemic levels. This is especially true in many major urban centres, such as Toronto and Vancouver.
RBC published its latest housing affordability report that confirmed the situation has not been this bad since the early 1990s. The…
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