Majority of Canadians who don’t own a home have ‘given up’: poll
National Bank Financial’s housing affordability monitor tracks the real estate market in Canada based on a household’s ability to both save for a down payment and make monthly mortgage payments in their respective market.For the first time in more than two years, housing affordability improved in the final quarter of 2022, National Bank reported in its latest report, ending the longest sequence of declining affordability since the late 1980s.
While TD projects home prices will start to climb gradually again through the year, declining mortgage rates could open the door to more Canadians looking to enter the housing market. And while the economy is likely to slow, Canadian households are projected to see modest income growth through the year, Sondhi says, helping to boost what prospective buyers can afford in the housing market.Story continues below advertisement
While the past few years have seen a “robust” pace for housing starts, Sondhi says TD is expecting a slowdown on this front as demand diminishes. He notes, too, that starts are not the same as housing completions, and the building process has faced delays in recent years.Simpson says governments need to “act courageously” and align across jurisdictional levels to get homes built.
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