Canada has now seen 10 straight quarters where housing affordability has been a major challenge—a trend that many of you, whether buying or selling in the GTA, York, Peel, Halton, or Durham, have felt firsthand. With mortgage rates no longer expected to offer relief, economists are turning the focus toward home prices and household income as the key factors shaping affordability going forward. Over the next year, the consensus is that mortgage rates will likely hold steady or even rise slightly, which means any improvement in affordability will depend more on whether home prices moderate. Slower population growth may help ease demand and contain price pressures, while a strengthening labour market is a positive sign for household incomes. It’s worth noting, though, that these effects aren’t felt evenly—market dynamics in Toronto and Vancouver are quite different from what clients are experiencing in Calgary or Edmonton. As someone who prioritizes accurate valuations and tailored advice, I always emphasize how truly local these trends can be. While a healthier job market may offer some support, economists warn that without sustained moderation in home prices, substantial progress on affordability will remain limited. Each community has its own story, and it’s my role to help clients navigate these shifts with clarity and confidence.
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