Canada’s housing affordability is at its worst in more than 30 years with several urban markets struggling to regain their footing and the Vancouver market in a “full-blown crisis,” a new RBC report says.
Despite the likelihood of interest rate reductions later this year, the scope for improvement in the year ahead will be small compared to the dramatic loss of affordability that occurred during the pandemic, according to the report written by RBC assistant chief economist Robert Hogue.
