A new report from the Canada Mortgage and Housing Corporation (CMHC) reveals that the housing affordability crisis is no longer confined to Toronto and Vancouver. The Housing Affordability Composite Index (HACI) indicates that Ottawa, Montréal, and Halifax are also experiencing near-historic levels of housing stress.
While the index suggests a slight improvement in affordability since 2023, CMHC’s chief economist, Mathieu Laberge, emphasizes that the erosion of affordability in recent years, particularly in the aforementioned cities, is significant. The index tracks ownership and rental data, income trends, and supply-demand dynamics across seven major centres.
The report highlights that homeownership affordability reached its weakest point since the 1990s in Q2 2022, with improvements only being modest since. Rental affordability, while less severe, has also been broadly impacted by inflation and strong immigration. While higher-end rentals in Toronto and Vancouver are softening, affordable units remain extremely tight. For a deeper dive into the data and CMHC’s analysis, read the full article on mpamag.com.
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