Despite “a significant price correction”, affordability remains elusive — especially in Toronto’s biggest cities. GoldinYVR | realestate realestatenews Toronto Vancouver housingmarket
on Canada’s “affordability conundrum” that delivered some sobering news for anyone paying attention.” across most of Canada, affordability remains elusive — and is unlikely to gain traction any time soon. The authors also underscored their long-held position that more housing supply will not be the fix we need to address the housing crisis.
Mortgage payments as a percentage of income in Vancouver are at 95% and 83% in Toronto, far above the historic average for those cities. In Vancouver, where the median home price is $1,192,356, that’s a down payment of $238,471 and 340.8 months of saving for it. The annual income required is $242,045 and the monthly mortgage payments are $6,643.
The BMO report explains unaffordability as a conundrum, which is why supply can’t fix it. Any time prices actually do drop and profit margins get narrower, developers have less incentive to build . Meanwhile, the development industry can’t keep up with increased domestic demand and record-level immigration, so it’s seemingly impossible for the industry to keep pace.
So instead of wondering when home prices might drop, it might be time to look for ways to negotiate the rough terrain. Geller believes that there will soon be a return to models that are in line with the sharing economy, popular with the tech industry.
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