Canada’s housing affordability has now faced challenges for ten consecutive quarters, and the landscape continues to evolve. With mortgage rate relief no longer on the horizon, the focus naturally shifts to home prices and income growth as the key factors influencing affordability moving forward. Economists anticipate mortgage rates will remain stable—or possibly inch higher—over the coming year, making further improvements in affordability increasingly dependent on price moderation.
From my perspective working across both residential and commercial real estate, I’m seeing these national trends play out very differently in local markets. Conversations with clients in Vancouver and Toronto are distinctly different from those in Calgary or Edmonton, reflecting each city’s unique dynamics for buyers and sellers. Slower population growth is expected to ease some pressure on demand and may help stabilize prices, while a strengthening labour market should support household incomes. Still, economists caution that unless home prices moderate steadily, any gains in affordability may be limited.
My analytical approach is always to provide clients with detailed, market-specific insights—especially as we navigate this complex environment together.
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