Housing affordability is unlikely to return to Toronto anytime soon, even in the event of a recession on par with one of the worst economic downturns in the province’s history, according to a new report from Desjardins’ leading economists.
The report outlines three possible outcomes for the future of the city’s housing market, including the worst-case scenario, which looks at a “1990s-style Ontario recession” that would drive average home values down by 16 per cent by the end of next year and 30 per cent by the end of 2025.
Those declines would be in addition to the housing correction that has already pushed prices down across the GTA.
