Canada’s affordability challenges have now stretched across 10 consecutive quarters, and as a REALTOR® based here in Vancouver, I’m seeing firsthand how this plays out for both buyers and sellers. With mortgage rates expected to hold steady or possibly even tick up in the coming year, there’s less hope for affordability improvements from rate relief alone. That puts the spotlight firmly on home prices and household income growth as the key drivers ahead. Economists suggest that slower population growth could help keep housing demand—and prices—in check, while a stronger labour market should support income levels. But it’s important to remember every market tells a different story: what’s happening in Vancouver and Toronto often contrasts sharply with trends in Calgary or Edmonton. Even with a better job market, sustained affordability gains will likely depend on ongoing moderation in home prices. Navigating these nuances is part of what I focus on for clients right here in Vancouver.
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