"Andrey Pavlov states, 'We need to have high income growth and stable house prices. We really need both.' This highlights the necessity of aligning wage growth with housing prices to improve affordability."
"Rishi Sondhi notes that affordability remains a challenge in Ontario and B.C., indicating that potential first-time buyers are likely to keep waiting for the market to bottom out before making a purchase."
Housing prices in Canada are expected to decline by 0.3 percent this year, particularly in Ontario and B.C. Despite low interest rates, home prices continue to outpace wage growth, making homes less affordable. Premier Doug Ford's plan to remove the harmonized sales tax on new homes valued up to $1 million offers limited relief. Statistics Canada shows that inflation-adjusted home prices have increased significantly compared to wage growth. Experts predict continued challenges for first-time buyers as they await a more favorable market.
Read at www.cbc.ca
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