Looking ahead: Canada’s Housing Market in 2024 and Beyond
Looking ahead: Canada’s Housing Market in 2024 and Beyond
Join us for an enlightening conversation with Bob Dugan, CMHC’s Chief Economist, as we explore the future of Canada’s housing market. In this episode, Bob shares his expert insights on the 2024 Housing Market Outlook, discussing trends, challenges, and opportunities within the Canadian real estate sector.
Whether you’re a homeowner,…
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Hernandez Nancy Moore Karen Jackson Mary
Taylor Helen White Elizabeth Lopez Nancy
Taylor Donald Hall Sandra Gonzalez Deborah
It’s not the immigration, it’s the divorce rate. Every family now needs two houses.
Keep the family unit together and 2 million homes are suddenly freed up.
There is no income rise commensurate with monthly mortgage payments, after paying mortgage I don't have enough food for my family on the dinner table 😢, that's housing story in short in Canada the most liveable country in the world…
Can the CMHC really be this ignorant or is this complete gas lighting.
BoC is going to cherry pick the data to use for the CPI in order to make Trudeau happy. They also know the economy will crash once mortgage renewals escalate and foreclosures increase pushing prices down. People will not be able to borrow the money they need at current interest rates causing defaults to increase. Immigrants don’t have the money to buy homes. Stop painting a failed picture of the real estate market and let the economy correct to a level where affordability returns to historic levels. The short supply you speak of is not what pushed up prices, it was interests rates near zero that pushed up the price. Your analysis is a total fiction and not based on ALL the economic data. You are just picking the information that suits what you are attempting to sell the public.
Prices will go up 10% next year because owners will rent out to 15 new immigrants per house instead of 12 that they have in a house currently. This is sad. Canada's housing bubble needs to burst, and speculators need to get wiped out. We shouldn't become the country of homeless and landlords that support ridiculously overinflated mortgages on the backs of 15 minumim-wage immigrants per house
Rebound? Recovery? 🥱🥱
I'd rather see the interest rates jacked up by 10% and burst the bubble on the mortgages and debt holders who are screwing everyone else.
if you go down on interest rate house are going to go up, realtor are a big problem for the rising cost, the price of housing should be based on average income in a national assessment and anything higher than that should be view as a fraud that's it! how many families are already on the street? stop that bullshit that doesn't help the society getting rich on housing!
Why is he always repeating “you know “ that’s like childish way of talking !!!
Keep voting the same way. And the problems will fix themselves Trudeau.
Biden.
Hell you even had major Banks promoting $3,000. to $4,000. dollar cash back for taking a mortgage with them. I believe in 1998 in and around that time. I asked the Bank for 1 percent drop on the prime rate at that time with BMO and we got 1/4 percent off the mortgage. Which worked out to $6,000. all in off the mortgage. Canada has a problem and it is not the house builders it is the financial institutions. Give all Canadians a bigger break here. It is not like no one is making money off this to change the rules for the good of all. Buliders, 1st time buyers and the downsizing of elder folks is a win win for everyone.
Financial Institution please be advise the market is not the problem. Amortizations why do we need them. USA mortgages are 30 yr low interest and make ownership possible. In Canada u had 40 yr mortgages in 2008. This is a quick fix here. It is not supply it is the rates and the duration of time to pay the mortgage off. We are seeing the light. Bank of Canada needs to change the financial rules on Mortgages period.
This dude DOES NOT know what he is talking about! He is outright wrong!!! He does not understand economics!
Great, so 25-40% rent increases annually, increases in house prices 5-10% annually… sounds like a plan
All three level of govenments working hard to keep the home prices inflated to help the real estate industry and the financial institutions. when a individual realize the capital gain they should pay the entity that help you to get the profit. In order to attract more trade people to build home , the real estate licence should be given only to people who worked in the trade job for more than 10 years or disable at work. War veteran also should be included.
It’s not a supply issue. It’s a hogging of supply by investors
Why are people talking like the housing market being where it’s at is broken and to get back to the record highs of 2022 is the healing?
We need to heal by going back to 2014 prices and having strict regulations on lending and curbing speculation growth. That’s healing.
I’d love to see the RE investments from CMHC employees.
The elites need to reevaluate how they view the economy functioning. It’s too linear in a quantum reality.
Homes will never be affordable again in this nation. Previous generations have supported immigration for years because their home prices increased. Gov benefit from higher tax revenues and permit fee's from higher property values while increasing the taxpayer pool to draw from. We give taxpayer funded loans for homes and wonder why price is high. This all will come at the expense of the youth and future generations prosperity and the prosperity of our national currency. You can't start a stable family renting. If you are young save up and leave nothing will change here ever and you aren't young forever.
"Double the pace of housing starts" or decrease the demand. Immigration. People are choosing to rent due to affordibility and regulations.
Cmhc is one of the biggest reasons Canadian housing is so out of wack and is out of control! Thank you for all you don't do for Canadians and housing for all.
How about pushing the provinces and regions to free up lands and lower DP fees and other taxes to chop land prices for all and communities to aquire, allow Canadians who want to move semi rural to rural to be able to witha affordable lands, and let the building to go and move forward.
Who promised you two percent?
The same idiots that told you inflation was transitory?
Get a grip
Mass deflation. Wont stop till its well past what wages can support. Then it bounces. 75% in arizona in 08 was lost.
Inflation numbers are so cooked interst should be over ten currently. It all ran on trust. Bankers and fov have lost it
If prices for homes keep going up then inflation will stay up as well. Canada thinks they’re immune to bubbles popping. The housing bubbles gotta pop sooner or later.
Very informative and clear to understand official objectives at interest rates and housing price regulations, pace of the gap bridge recovery up to 2030 😊
inflation 2.8% LOL
Canadian RE is a FUGAZZI, period.
Affordable that means you also need to calculate few different situations of samples of people who want to own a home in Toronto, how much money they should be earn from the Job market and is that they have the enough source from Job market for keep the income for their debt of home.
It is vacantly to talk about affordable….
There is no free money!. Every dollar borrowed over the REAL price of a 20-30 year old house (which is not 800K, close to 300K adjusted for inflation) reduces the value of all of the other dollars already in circulation and bank accounts. Every time a new mortgage is drafted under the current conditions the bubble grows bigger and the correction will be more severe. The "Official" economists have all been wrong and all the "Fringe" economists have been correct. Where are teh signs that the economy will improve??? productivity and birth rates are at an all time low, Immigration is slowing down due to affordability, The Bank of Canada WILL NOT lower Intrest Rates, instead it will raise them. The Rate depends on the severity of the correction as the houses officially need to go down to 50% of their current prices. In the late 1980's the rate reached 18%. It depends on how much BAD MONEY there is in the system. I doubt it would be enough to cover the current bubble as Canada is at 1.85 Net Debt to GDP ratio and over 2.5 Gross Debt to GDP Ratio. It is a mistake to think this market can perpetuate itself. As it literally means that you would need 2 Canadas to pay off the housing in one Canada. Irresponsible Banks are to blame. THey won't give you a loan for a 300,000 Ferrari unless you make really good money. but a 1,000,000 house (which ten years ago was the same price as the ferrari, and has not been updated or upgraded in anyway) is A OK only when the prices keep going up.
Is CMHC doing something to stop fraudulent mortgages in housing sector? why is nobody doing anything about it from so long? vested interests??
I used to think cmhc wasn't a bad thing but lately, not so much considering the spectacular deterioration of housing affordability under your watch. Congratulations on your bonuses for poor work of trying to slam the barn door shut long after the horse has bolted out of sight.
crime will sky rocket so high lmao good luck
Neighborhoods and condos are sitting empty. Who are the owners? Chinese entrepreneurs , arab millionaires. They are pumping money in, and the govt agencies are getting better and posher offices, perkier salaries and delicious bonuses 😄 🎂
You have made house buying difficult for working coass people and made it easy for speculators who just shunt money from abroad and buy it cash in bulk