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Canada's last housing busts happened during the early 1990s recession, when Canada was facing low commodity prices, [20] a large national debt and deficit that was weakening the value of the Canadian dollar, the possibility of Quebec independence, and a recession in Canada's main trading partner, the United States.
Canada has not built enough homes in recent years, and everyday buyers must compete with wealthy private investment firms. The average price of a home has soared nearly 50% since 2018.
The definitions of 'affordability' and 'affordable housing in Canada' are varied depending on whether the term is used by banks and mortgage providers, real estate agencies in regards to market-based issues, consumers who may or may not be left out to the market, and advocacy organizations supporting the under-housed and unhoused populations. [10]
The report tracks the condominium market, other dwellings (single detached, semi-detached), and the market as a whole. [8] The Royal Bank of Canada (RBC) publishes a Housing Trends and Affordability report, which aggregates affordability measures. [9]
The immigration cuts are expected to reduce Canada's housing supply gap by about 670,000 units by the end of 2027, according to the government. ... There may be an impact on the labor market ...
In July, the housing market had a 4.0-month supply of housing inventory, a 19.8 percent improvement over last year but still below the 5 to 6 months needed for a healthy, balanced market — one ...
In Canada, the New Housing Price Index is calculated monthly by Statistics Canada. Additionally, a resale house price index is also maintained by the Canadian Real Estate Association , based on reported sale prices submitted by real estate agents, and averaged by region.
Q1 2025 housing market trends: What to expect. The first quarter of the year is frequently the slowest for real estate. Only 19 percent of annual sales occur during this time, according to Nadia ...