House prices dropping in Canada’s most expensive cities, but still out of reach for many
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House prices in Canada's most expensive cities are dropping, but experts say it's still not a good market for first-time homebuyers. The drop in prices is due to low interest rates and government measures, but prices continue to outpace wage growth, making homes unaffordable for many.
Housing prices are dipping in Canada's priciest markets. TD Economics expects home prices to slide 0.3 per cent across Canada this year. Ontario and B.C. face the biggest drops. Interest rates are low, but not as low as during the COVID-19 pandemic. The government has introduced measures to make homes more affordable, but experts say it's not enough. Wage growth has not kept up with house price growth, making homes unaffordable for many.
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