It may be several years yet before home prices fall back into an affordable range for the average Canadian, according to Oxford Economics.
Tony Stillo, director of economics for Canada for the research firm, told BNN Bloomberg this week that home prices may get “a little worse” before starting to come down later in 2023.
“It’s going to take a while. We don't think housing will become within the reach of the Canada-wide average household until 2027,” he said. “It’ll be some time, unfortunately.” where average homes priced at around $1 million are far outside the budget of a median-earning household., further impacting affordability.With the Bank of Canada notching another rate increase last month, Stillo said he expects prices to rise further, putting a squeeze on homebuyers feeling pinched by higher interest rates and high home prices. Tighter credit conditions may also play a role amid heightened unaffordability across the country, he added.
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