Canada home prices need to fall much further as Bank of Canada interest rate hikes increase costs for homeowners. Find out how much further
Since the Bank of Canada began tightening in March, the policy rate has increased by 400 basis points, while home prices on the Canadian Real Estate Association’s index have declined 10 per cent.
These forces have pushed Toronto affordability to the worst on record, said St-Arnaud. Montreal, Ottawa and Vancouver are the most unaffordable since 1981, a time when interest rates were around 20 per cent.On average, the required income to purchase a benchmark house in Canada has increased by about $12,600 since February.
“The Canadian housing market remains overvalued by many metrics and the increase in interest rates over the past year has only made matters worse,” said St-Arnaud.The calculations of St-Arnaud and his team estimate that home prices would need to fall another 35 to 40 per cent in Toronto, Vancouver, Ottawa and Montreal to restore affordability to where it stood over the past decade.
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