Opinion: Canada's housing crunch is hurting our labour markets
Prohibitively expensive home prices, high interest rates and increasing rents are preventing people from moving to where the jobs are
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Prohibitively expensive home prices, high interest rates and increasing rents are preventing people from moving to where the jobs are
The latest report by the Canada Mortgage and Housing Corporation is forecasting record high housing prices and low vacancy rates as supply fails to meet demand across the country.
The Canada Mortgage and Housing Corp. is forecasting home prices could match peak levels seen in early 2022 by next year and reach new highs by 2026.
Housing starts will fall to 224,485 units this year from 240,267 in 2023, the Canadian Mortgage and Housing Corporation (CMHC) forecast in its Housing Market Outlook document.
The CMHC said affordability in the home ownership market will also be a concern for the next three years, as declining mortgage rates and the country’s strongest population growth since the 1950s will likely spur a rebound in home sales and prices