Canada’s Affordability Streak Hits 10 Quarters

Canada has now experienced 10 straight quarters of affordability challenges, and as someone immersed in the Vancouver and North Shore markets, I see firsthand how this plays out for both buyers and sellers. Economists are signaling that mortgage rates likely won’t offer much relief in the near term—so the spotlight shifts to home prices and income growth as the key factors shaping affordability. Over the coming year, with rates expected to hold steady or possibly inch up, any improvement in affordability will depend on whether home prices moderate. Interestingly, slower population growth may ease demand and help keep prices in check, while a strengthening labour market could give a boost to household incomes. Still, affordability gains are expected to be limited unless we see consistent moderation in home prices. Every community—be it Vancouver, Toronto, Calgary, or Edmonton—faces its own unique realities. In my day-to-day, I’m always tuned in to these local differences, helping clients navigate what matters most in their specific area.