Housing prices in Canada are still incredibly high and here is why – we are still dealing with a supply shortage in desirable locations, higher immigration levels have put pressure on demand, along with the strong desire for urban lifestyle living, especially in Toronto, Vancouver and Montreal.
in desirable locations, higher immigration levels have put pressure on demand, along with the strong desire for urban lifestyle living especially in Toronto, Vancouver and Montreal. The high concentration of buyers has driven demand and the knock-on effect has led to higher prices.have become the norm and successful bidders often found themselves stretched to the limits.
Now don’t get me wrong, it is still a challenge to find the right home, in the right location for the right price. Prices are still so high in Canada as there are simply too many people bidding on too few homes, in turn driving prices higher. The result is that the first-time buyer is getting squeezed out. The wealthy seem to have had the upper hand in bidding wars where lower rates and larger deposits have tilted the odds in favour of those with financial flexibility.
During the pandemic, many came to realize their desire for more living space and shorter commutes, and found a better appreciation for how they wanted to work and where they wanted to live. The desire to move quickly became supported by an incredibly low interest rate environment that was designed to intentionally help stimulate demand and offer up certainty for potential home buyers. The policy became the lifeline for those looking to relocate or cash out of their homes.
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