Affordability in Canada’s housing market has now remained a challenge for ten consecutive quarters. As many of my clients in the GTA are noticing, any hope for mortgage rate relief has faded for now—so the real focus is shifting to home prices and income growth. Over the next year, economists don’t anticipate much change in mortgage rates, which means that any improvement in affordability will depend heavily on whether prices moderate. On a positive note, slower population growth might help cool demand, while a stronger labour market is expected to support household incomes. In my daily conversations, it’s clear how much each local market differs—buyers and sellers in Vancouver and Toronto face very different realities compared to those in Calgary or Edmonton. Even as incomes improve, economists caution that without a sustained moderation in home prices, affordability gains could be limited. For both buyers and sellers in the GTA, understanding these evolving trends is essential—I always strive to provide the market-specific guidance you need to make confident decisions in this dynamic environment.
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