Canada’s housing market has become one of the most expensive in the developed world, and the affordability crisis continues to worsen despite rising interest rates. Mortgage payments as a share of household income are now near record levels , leaving many first-time buyers completely priced out of the market while existing homeowners face significantly higher borrowing costs as loans reset.
For more than a decade, ultra-low interest rates fueled an enormous expansion in mortgage credit. Cheap money encouraged speculative investment in real estate while governments simultaneously restricted new housing supply through zoning, regulatory…
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