Prices may be slipping and interest rates easing, but homes remain far out of reach for many Canadians

Housing remains unaffordable for many Canadians despite falling prices.

Mortgage debt is growing, which may expose borrowers to further financial risk.

Government initiatives are insufficient to make a real dent in the housing shortage.

New developments serve target higher-income buyers rather than ordinary Canadians.

The housing crisis is already pushing more Canadians into homelessness, and the numbers could rise sharply if homes remain out of reach for many people.

Falling house prices and lower interest rates will not solve Canada’s housing crisis.

Prices remain far above historic levels. Canadians are taking on larger mortgages, while much of the new housing being built targets buyers at the top end of the market.

This affordability problem has been especially severe in major cities like Vancouver. Recent reductions in house prices and interest rates may give the impression the situation is improving but the declines have been too small to restore affordability.

Canada has had the largest drop in housing prices among advanced economies. After adjusting for inflation, home prices were down five per cent in the third quarter of 2025 compared with a year earlier. Even after those declines, however, home prices remain far beyond what many Canadians can afford.

Home prices in Vancouver today are almost 50 per cent higher than they were in 2010, and no one was calling houses affordable then.

If housing policy keeps producing homes most Canadians can’t afford,........

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