Posthaste: Why Canada's housing market slump could make affordability even worse

ICYMI - Posthaste: Why Canada's housing market slump could make affordability even worse

Yes, Canada’s housing market is correcting but it won’t solve the affordability crisis, which could end up getting “worse,” according to a new analysis from CIBC.

In his analysis, released on Monday, Tal noted that the average national price will have to decline by an additional 25 per cent to reach “pre-COVID levels,” a time when Vancouver and Toronto were already nowhere near affordable.Article content Those three forces are combining to “make projects that only yesterday looked promising, totally uneconomical,” Tal wrote.

“We are in the midst of a project delay/cancellation wave, with developers choosing to sit on their hands, rather than engaging in a money-losing proposition,” he said.

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