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February 12, 2025
A study by the CD Howe Institute suggests Canada needs more large cities, not just bigger ones, to improve housing affordability by spreading demand more evenly across secondary cities like Ottawa and Hamilton. Despite rising interest rates in 2022-2023, housing affordability improved in many markets in 2024, especially in Toronto, Vancouver, and Hamilton, though some cities like Winnipeg and Edmonton saw price increases. A slight drop in inflation in December 2024 raises expectations for another Bank of Canada rate cut, though future cuts are uncertain due to economic instability. Despite recession concerns, more Canadians are considering home purchases, with 22% likely to buy in 2025. Meanwhile, Toronto’s condo market faced a sharp slowdown in 2024, with sales dropping 64%, leading to a record-high unsold inventory. Overall, while affordability is improving in some areas, Toronto’s condo market remains a challenge.
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