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HomeCANADARental Affordability To Decline In Canada; Vancouver And Toronto Worst Hit: CMHC

Rental Affordability To Decline In Canada; Vancouver And Toronto Worst Hit: CMHC

Our Housing Market Outlook helps anticipate emerging trends in Canada’s new home, resale and rental housing segments. It also helps forecast impacts on affordability, supply and other housing challenges at the national and local levels.

Key highlights from the 2023 release

  • We expect house prices and supply in Canada to decrease between 2022 – 2023. Price declines are expected to end sometime in 2023 before increasing for the remainder of the forecast period. 
  • Our analysis forecasts a significant drop in housing starts in 2023 and we can see some recovery starting in 2023 to 2024 and onward. 
  • Rental affordability is also set to decline due to demand outstripping supply, especially in Vancouver and Toronto.
  • Prairie provinces expect more positive housing market conditions due to interprovincial migration and affordable homeownership.
  • Ontario, British Columbia and Québec will see significant drops in housing starts compared to other regions. 
  • The Atlantic region’s economy remains stable and moderate relative to other regions.
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