Canada is facing a severe housing shortage that is contributing to unprecedented increases in housing prices in almost every part of the country.
As a result, prospective homebuyers are tempering their expectations. Some are settling for a less impressive house than they wanted. Others are leaving their communities entirely, moving to a more affordable part of the country – in turn driving up prices and starting the same cycle there.
The consequences of this could be substantial even if the number of Canadians in need of a home stays at its current level – but of course, that won’t be the case.
