Real Estate Blog - housing affordability

A Spotlight on Canada’s Most Affordable Housing Markets

Posted by Infinity Admin on December 27th, 2022

For the first time since the early days of the COVID-19 public health crisis, residential property prices are coming down in the Canadian real estate market. Whether you call it a correction or a downturn, prospective homeowners might be finding housing affordability options across the country.

According to the Canadian Real Estate Association (CREA), national home sales tumbled 3.3 per cent month-over-month in November, and average prices declined 4.4 per cent year-over-year to $632,802. When the Greater Toronto Area and the Greater Vancouver Area are removed from the equation, the national average price is slightly more than $500,000. This is way down from the peak of more than $800,000 earlier this year.

But while…

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3.5 Million More Homes Needed by 2030 to Tackle Affordability Crisis

Posted by Infinity Admin on August 31st, 2022

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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Housing Affordability in Canada: 2022 RE/MAX Report

Posted by Infinity Admin on July 22nd, 2022

Relocation, relocation, relocation: Canadians love their neighbourhoods, but will move to achieve housing affordability

• For 64 per cent of Canadians, relocation is among the top sacrifice they’d be willing to make in order to achieve housing affordability; however, half (50 per cent) agree that the farthest they would go would be less than 100 kilometres
  • 56 per cent say that moving to a different neighbourhood/community would be one of the top three sacrifices they would make
  • 38 per cent would make the sacrifice of moving to a different city/province/region regardless of distance
• 38 per cent of Canadians define housing affordability as a home they can afford that meets their basic needs, and includes some…

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What the Census 2021 Data Tells Us About the Housing Market

Posted by Infinity Admin on May 22nd, 2022

The population data from the census 2021 is now available and it offers us a wealth of information about where Canadians live, where they’re moving to and what communities are growing in size as a result. 

The latest census arrives at a critical time in Canada’s real estate history, when governments of all levels are weighing their options to boost supply and improve housing affordability. Over the past two years, the COVID-19 pandemic has also played a critical role in influencing the migration of Canadians, including those new to the country. 

“This type of information is critical in helping to answer many of the important questions being asked in Canada’s national housing conversation,” said Shaun Cathcart, Senior Economist and Director of…

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