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The housing affordability nightmare

Canada’s housing affordability problem continues to persist despite a significant correction in home prices, BMO economists said in a recent analysis.

In an article by BMO Chief Economist Douglas Porter and Senior Economist Robert Kavcic, it was analyzed that the belief that doubling the industry’s output and flooding the market with new units can solve the issue is wishful thinking, as the industry is already running at full capacity. While the Bank of Canada has taken measures to curb market activity, robust immigration flows fuel demand, exacerbating the strain on the housing market.

Many markets have reached a bottom after last year’s correction, but the scarcity of new listings tightens the market. Despite a 25% increase in the population, national new listings are at their lowest non-pandemic level in nearly two decades. Factors such as potential sellers holding back, a strong job market, attractive mortgages, and a robust rental market contribute to the lack of new listings.

You can read more on the matter here.

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