There could be 'opportunities to come off the sidelines in late 2024 or early 2025.'
Desjardins economists say their housing affordability index is unlikely to return to pre-pandemic levels before 2027. Rate cuts should make it easier to buy a home in Canada’s four largest provinces in the months ahead. However, affordability still won’t reach pre-pandemic levels anytime soon, new modelling from Desjardins Group’s economists suggests.
For this latest forecast, Desjardins modelled its primary expectations as well as four alternative scenarios for the months ahead that considered different economic outcomes, including one in which population growth continues at the 2022–2023 pace, and another envisioning a large-scale recession. But none of the alternatives changed the paper’s bottom line, which is that the DAI won’t return to pre-pandemic levels before 2027..
“We think those jurisdictions’ particularly costly starting points mean they’ll remain the most prohibitively expensive,” Desormeaux wrote.
Marc Desormeaux Desjardins Housing Affordability Bank Of Canada Mortgage Payments Price Gains Andrew Francis
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