Canada has now seen 10 straight quarters where affordability remains a real concern, and as a Toronto-based realtor who has guided clients through all market cycles, I’m seeing firsthand how this reality is shaping decisions in the GTA and beyond. With economists no longer counting on mortgage rate relief to boost affordability, the focus is firmly on home prices and income growth as the drivers to watch. Over the next year, most experts anticipate mortgage rates will either hold or edge up, so any improvement in affordability will depend on price moderation. Slower population growth may help keep demand – and thus prices – in check, while a stronger labour market is expected to support household incomes. It’s important to remember that every market tells a different story right now: the dynamics in Toronto and Vancouver stand in stark contrast to what buyers and sellers are experiencing in Calgary and Edmonton. While a better job market can help, real progress on affordability will require a sustained slowdown in price increases. With hundreds of successful transactions behind me, I stay focused on market specifics to ensure my clients are making informed choices, no matter where they’re looking in Ontario.
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