But it won’t lead to a friendlier housing market for the average homebuyer.
“The point,” Tal said, “is that the ongoing correction will not solve the housing affordability crisis” as it already existed prior to the COVID-induced housing frenzy.Alongside rising interest rates — the Bank of Canada’s benchmark policy rate is now at 2.5 per cent after being slashed to 0.25 per cent in March of 2020 — Tal cited the rising costs of construction and a severe labour shortage in the building industry as the other main affordability killers.
“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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Posthaste: Why Canada's housing market slump could make affordability even worseRental needs to figure into the solution but these days there is little motivation for developers to build, says a CIBC report. Read more. They will continue to flood the country with migrants and print money, no way they will allow the housing prices to drop much at all, OHIP has already collapsed because of the immigration Make immigrants as uncomfortable as they tried to make us. Make them regret trying to take advantage of our kindness. If they leave, housing becomes affordable for Canadians born here. I never in my 64 yrs in Halifax seen so many houses being build...there are sub division and clear cutting all around me and that is just in my neighbor hood. Halifax seems to be under constant construction ..new over passes....schools...it seems to never end!
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