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5.8M Homes Needed by 2030 To Tackle Affordability Crisis
The Canadian real estate market is experiencing a correction period. While many industry observers are stopping short of calling this downturn a crash, it is clear that the once-sizzling housing sector is being doused by rising interest rates and broader uncertainty surrounding market conditions. So, are we still experiencing an affordability crisis?
In September, the national average home price tumbled 3.9 per cent from the same time a year ago to $637,673, according to the Canadian Real Estate Association (CREA). Even when Toronto and Vancouver – two of the hottest housing markets in Canada – are eliminated from the equation, the typical residential property in the country sold for more than $500,000. While this is immensely lower than the roughly $800,000 at the height of the coronavirus pandemic, it is still expensive for the average Canadian household.
Does this mean that Canada is still going through a housing affordability crisis? Indeed, during the 2021 federal election campaign, affordability was one of the main public policy discussions. However, months later, it is a topic that no longer appears to be on the front burner, as prices have been falling.
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