Canadian cities are in the throes of an unprecedented housing crisis. Lax housing policies and lending practices, along with a previously non-existent national housing strategy have converged, contributing to record-level housing and rental prices.
Cities such as Toronto and Vancouver are most affected, with smaller cities like Montréal and Victoria also dealing with the impact of rising mortgage interest rates. Efforts aimed at controlling the crisis, including foreign buyer taxation measures and provincial housing strategies, have yet to address the limited availability of housing.
This twin (un)affordability and availability crisis is affecting all demographics across Canada.