Overview: Canada's housing crisis has deepened over the past several years, with home prices having increased by over 30% from April 2020 to September 2024, outpacing 2.3% real income growth. While the Bank of Canada (BoC) cut interest rates by 1.5 points to 4.75% by late 2024, mortgage costs remained significantly higher than pre-pandemic levels. By January 2025, immigration-fueled population growth and a 12% decline in new home construction had further strained the market, impacting political pledges, including plans to build millions of new homes over seven years.
Canadian Election Issue: Housing