Canada Has a Housing Affordability Crisis: RBC

The video discusses the unaffordability of housing in Canada, featuring insights from Robert Hoge, an economist at RBC. It highlights the significant percentage of income required for home ownership, especially in regions like Vancouver and Toronto. The discussion covers the impact of rising interest rates and property values on affordability, with predictions of a potential market correction. Hoge anticipates a 14% drop in benchmark prices, with affordability remaining stretched into 2024. The video also explores regional variations in affordability and the shift towards more affordable housing options.

How does the affordability situation vary across different markets in Canada?

What are some of the more affordable housing options that buyers are shifting towards?

What is the anticipated timeline for relief in housing affordability according to the report?