The parliamentary budget officer is warning that home ownership has become even less affordable through the pandemic for the average buyer, who may find it even tougher to get into the market unless prices drop.
Housing prices were on a meteoric rise before the COVID-19 pandemic struck two years ago and have been further juiced by rock-bottom interest rates, demand for more space and supply that can’t keep up.
Parliamentary Budget Officer Yves Giroux’s report says house prices in most major cities could have been considered affordable in early 2015, based on costs but also on buyers’ ability to borrow.
Giroux’s office
