The federal agency had earlier predicted a drop of 5% by the middle of 2023. Read on
In May, CMHC released a comprehensive report that showed new housing starts have struggled to keep up with population growth in some of Canada’s large cities, especially Toronto, making affordability a “significant” challenge.
“The number is huge,” Bowers said Thursday, adding that the size and complexity of the affordability issue should not be an impediment to addressing it. But she said she is not concerned that fast-rising interest rates and falling home prices will cause distress in the housing market, despite the pain to homeowners’ pocketbooks, because employment levels are not showing signs of strain.
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