Housing affordability challenges remain despite recent improvements: CMHC [Advisor.ca (Canada)]
Cabot Corporation (CBT)
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Source: Advisor.ca
A new analysis from the Canada Mortgage and Housing Corp. shows housing affordability challenges have eased in recent years but still remain at historic highs, and have even spread to other major cities. The national housing agency says affordability issues are no longer limited to Canada's largest cities and have spread to other areas such as Ottawa, Montreal and Halifax. One of the key factors, CMHC said, was the impact of labour mobility brought on by remote work during the COVID-19 pandemic, which has persisted even as the job market has changed. “Affordability started recovering slightly since 2023, when it reached historical lows. For home ownership, we observed improved affordability, while for renters we saw stabilization over the last two years,” said Mathieu Laberge, CMHC chief economist and senior vice-president of housing insights, in a news release Wednesday. “Even with these improvements, we cannot overlook how much housing affordability has eroded in recent years
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