Canada Real Estate Prices: Latest News & Trends

The monetary value assigned to residential, commercial, and industrial properties within the Canadian market is a crucial indicator of economic health. These figures reflect a complex interplay of factors influencing the affordability and accessibility of housing across the nation. For instance, average costs in metropolitan areas like Vancouver and Toronto often differ significantly from those in smaller, rural communities.

Understanding the levels and trends in this sector is vital for policymakers, investors, and prospective homeowners. These values impact individual wealth, investment strategies, and government revenue through property taxes. Historically, fluctuations have been influenced by interest rates, population growth, immigration policies, and resource booms, reflecting Canada’s diverse economic landscape.

This analysis will delve into the key drivers affecting the current valuation, examining regional variations, and exploring potential future trajectories. It will consider the implications for various stakeholders and provide a comprehensive overview of the factors shaping this significant element of the Canadian economy.

1. Affordability

The relationship between affordability and the overall cost of property in Canada is a fundamental concern, a narrative etched into the lives of countless families aspiring to homeownership. Rising costs relative to income have gradually pushed the dream of owning a home further out of reach for many. This widening gap between wages and property values is not simply an economic statistic; it’s a lived experience, a daily calculation of budgets, savings, and future prospects. One need only look at the major metropolitan areas to see this stark reality; bidding wars for modest homes, skyrocketing rental rates, and the increasing prevalence of multi-generational households all paint a vivid picture of a market where affordability is increasingly strained.

The consequences of decreased affordability extend beyond individual households, impacting the broader economy and social fabric. A decline in homeownership can limit opportunities for wealth creation, impacting long-term financial security for individuals and families. Moreover, the rising cost of housing can force skilled workers and young professionals to relocate to more affordable regions, potentially impacting the labor market in major urban centers. Consider the plight of healthcare workers or teachers struggling to find suitable accommodation within the communities they serve – a direct consequence of the affordability crisis. The ripple effect is substantial, affecting urban planning, infrastructure development, and overall economic competitiveness.

In essence, affordability acts as a critical barometer of a healthy and equitable real estate market. When prices surge beyond the reach of average income earners, it signals an imbalance that demands attention. Addressing this issue requires a multi-pronged approach, including policies aimed at increasing housing supply, supporting wage growth, and implementing measures to curb speculative investment. The future stability and prosperity of the Canadian housing market hinges on restoring a sense of balance, ensuring that homeownership remains an attainable goal for a broader segment of the population. Failure to address affordability challenges will only exacerbate existing inequalities and undermine the long-term economic well-being of the nation.

2. Interest Rates

The Bank of Canada’s overnight rate looms over the Canadian housing market like a stern conductor, its subtle adjustments orchestrating dramatic swells and hushed lulls in property values. These percentages, often perceived as abstract figures, translate directly into the monthly mortgage payments faced by millions, shaping dreams of homeownership and influencing investment decisions across the nation.

• The Initial Spark: Lower Interest Rates and Increased Demand

  When the central bank lowers its benchmark rate, borrowing becomes cheaper. This, in turn, fuels demand for mortgages, empowering more Canadians to enter the housing market or upgrade their existing homes. The resulting influx of buyers creates competition, driving prices upward, particularly in already competitive urban centers like Toronto and Vancouver. Imagine a young couple, previously priced out, suddenly finding their dream home within reach thanks to a modest rate cut – a common scenario in periods of low interest rates.

• The Cooling Effect: Higher Interest Rates and Market Correction

  Conversely, rising interest rates have a chilling effect. As borrowing costs increase, the pool of eligible buyers shrinks, dampening demand. Existing homeowners with variable-rate mortgages find themselves facing higher monthly payments, potentially straining their finances. This can lead to a slowdown in sales, an increase in inventory, and ultimately, downward pressure on prices. Picture a family forced to sell their home due to rising mortgage payments, adding to the supply and contributing to a market correction.

• The Variable-Rate Rollercoaster: Exposure to Fluctuations

  Homeowners with variable-rate mortgages are particularly vulnerable to the whims of interest rate policy. Each rate hike translates directly into higher payments, adding a layer of uncertainty to their financial planning. This can lead to increased financial stress and a heightened risk of default, particularly for those who stretched their budgets to purchase a home. The story of families caught off guard by unexpected rate increases, struggling to keep up with their mortgage payments, serves as a stark reminder of the risks associated with variable-rate mortgages.

• Long-Term Impact: Rate Cycles and Sustainable Growth

  The cyclical nature of interest rates has a profound impact on the long-term trajectory of property values. Periods of low rates and rapid price appreciation are often followed by periods of correction as rates rise and the market cools. Sustainable growth in the housing market requires a balance between affordability and investment, ensuring that prices are supported by underlying economic fundamentals rather than solely fueled by low borrowing costs. Consider the long-term implications of unsustainable price increases, potentially creating a housing bubble that eventually bursts, leaving homeowners with negative equity.

Ultimately, interest rates serve as a powerful lever influencing the Canadian real estate market. Their impact reverberates throughout the economy, shaping individual financial decisions, influencing investment strategies, and impacting the overall stability of the housing sector. Understanding this connection is crucial for anyone looking to navigate the complexities of buying, selling, or investing in Canadian real estate.

3. Regional Disparities

The narrative of property valuation in Canada is not a singular tale, but a collection of distinct regional dramas, each with its own cast of economic actors and unique plot twists. The price of a home in downtown Toronto stands in stark contrast to a similar dwelling in rural New Brunswick, a difference not merely of bricks and mortar, but reflective of deeper economic currents, population densities, and varying degrees of accessibility. These disparities, far from being anomalies, form a crucial element in the larger story of values across the nation.

The gravitational pull of major urban centers, particularly Toronto and Vancouver, exerts a significant influence. Robust job markets, diverse cultural offerings, and advanced infrastructure attract a continuous influx of residents, driving up demand and, consequently, prices. In contrast, regions reliant on a single industry, such as resource extraction, may experience cycles of boom and bust, leading to fluctuations in property valuation tied directly to commodity prices. The stories of Fort McMurray, Alberta, where housing prices soared during the oil boom only to plummet with its decline, serves as a cautionary tale. Similarly, the Atlantic provinces, while offering scenic beauty and a lower cost of living, face challenges related to population aging and limited economic opportunities, which restrain property values despite their inherent appeal.

Understanding these regional divergences is not merely an academic exercise; it has practical implications for policymakers, investors, and individuals seeking to navigate the Canadian housing market. For policymakers, it highlights the need for targeted interventions to address affordability challenges in specific regions, such as initiatives to increase housing supply in high-demand areas or to stimulate economic growth in lagging regions. For investors, it underscores the importance of conducting thorough due diligence, recognizing that market dynamics vary significantly across the country. For individuals, it emphasizes the need to consider not only the price of a home, but also the long-term economic prospects of the region in which it is located. Ignoring regional disparities is akin to reading only half the map, potentially leading to misinformed decisions and missed opportunities in the Canadian property landscape.

4. Housing Supply

The story of value in Canada’s real estate market is, in many ways, a tale of scarcity. When construction cranes fall silent and new developments remain blueprints, the existing homes become coveted prizes. A finite inventory grappling with the ambitions of a growing population sets the stage for an inevitable climb in monetary worth. The economic principle is simple: limited availability, heightened competition, inflated prices. This dynamic plays out across the nation, albeit with regional variations influenced by local economies and demographic shifts. For instance, the prolonged delays in permitting and construction experienced in some municipalities translate directly into fewer available units, exacerbating the affordability crisis and driving prices upward. The lack of diverse housing options, from condos to single-family homes, further intensifies the battle for existing properties.

Consider the ripple effects radiating from a shortage of newly constructed homes. Rental markets tighten, placing upward pressure on rents. Young professionals and families postpone homeownership dreams, delaying significant life decisions. The influx of immigrants, vital to Canada’s economic growth, faces the harsh reality of navigating a market already stretched to its limits. In cities like Vancouver and Toronto, the chronic undersupply of housing has fueled bidding wars, with properties selling for hundreds of thousands of dollars above the asking price. This frenzied competition not only drives up prices but also creates a sense of instability and uncertainty for prospective buyers. The consequences extend beyond individual transactions, impacting the overall health of the economy and the social fabric of communities.

Ultimately, addressing the complexities requires a multifaceted approach. Streamlining the approval processes, incentivizing the construction of diverse housing types, and investing in infrastructure to support new developments are crucial steps. Ignoring the underlying causethe persistent lack of inventorywill only perpetuate the cycle of escalating valuations and diminished affordability. The narrative is clear: increasing the supply is not merely a matter of building more homes, but a fundamental requirement for a stable, equitable, and prosperous real estate market.

5. Economic growth

The correlation between a nation’s economic expansion and its property valuations is undeniable, a principle vividly illustrated within Canada. As businesses flourish, employment figures rise, and disposable incomes swell, a tangible effect ripples through the property sector. A robust economy instills confidence, prompting both individuals and corporations to invest in real estate, thereby pushing the monetary value of properties upwards. The Alberta oil boom of the early 2000s serves as a prime example: as energy prices soared, the province’s economy surged, leading to a dramatic increase in housing prices, particularly in resource-rich regions. Newfound affluence translates directly into increased demand for both residential and commercial spaces, creating a seller’s market and escalating costs.

Conversely, periods of economic stagnation or recession cast a long shadow over this market. When businesses contract, unemployment rates climb, and consumer confidence plummets, individuals often delay or forgo property purchases. The demand wanes, inventories swell, and values begin to decline. The 2008 financial crisis, while not originating within Canada, had a significant impact on the nation’s property market. The global economic downturn led to reduced consumer spending and business investment, which dampened demand and subsequently reduced the worth of houses across many regions. Furthermore, economic uncertainty can deter foreign investment, another crucial driver of valuations, especially in major urban centers.

In summary, economic growth serves as a primary catalyst influencing Canadian real estate prices. Understanding this connection is vital for predicting future trends, informing investment decisions, and formulating effective policies to manage market fluctuations. However, while economic expansion typically drives prices upward, it is essential to recognize the influence of other factors, such as interest rates, housing supply, and demographic shifts, which can either amplify or mitigate its impact. The interplay between economic growth and other market forces creates a complex and ever-evolving landscape that requires careful and continuous monitoring.

6. Government Policies

The trajectory of Canadian real estate, a landscape of towering condos and sprawling suburban homes, is not shaped solely by market forces. Government policies, enacted in the halls of Parliament and municipal offices, exert a silent yet powerful influence, shaping the terrain upon which buyers and sellers navigate. These directives, ranging from mortgage regulations to zoning laws, act as both stabilizers and disruptors, capable of either cooling overheated markets or inadvertently fueling speculative fires. The story of value in Canada is, in part, a chronicle of governmental intervention, a series of calculated decisions and unintended consequences that have left an indelible mark on the nation’s property landscape.

Consider, for instance, the introduction and subsequent adjustments to mortgage stress tests. Implemented to curb excessive borrowing and protect consumers from overextending themselves, these measures had a direct impact on affordability. By requiring potential borrowers to qualify at interest rates higher than those actually offered, the government effectively reduced the pool of eligible buyers, particularly among first-time homeowners. While intended to mitigate risk, the policy also served to dampen demand, contributing to a moderation in prices in some markets. Conversely, initiatives aimed at stimulating homeownership, such as first-time homebuyer incentives, can have the opposite effect, injecting additional demand into the market and potentially driving prices upward. Zoning regulations, often enacted at the municipal level, also play a crucial role. Restrictive zoning laws that limit the supply of new housing, particularly in high-demand urban areas, can exacerbate affordability challenges and contribute to rapid price appreciation. The ongoing debate over density and urban sprawl highlights the tension between competing policy objectives: preserving green space versus addressing housing shortages. The choices made by local governments regarding land use have a profound impact on the availability and affordability of housing, shaping the character and composition of communities across the country.

The influence of government policies on the real estate is multifaceted, creating a complex interplay of intended and unintended effects. While these policies are often designed to address specific challenges, they must be carefully calibrated to avoid unintended consequences that could destabilize the market or exacerbate existing inequalities. Understanding the role of government intervention is essential for navigating the Canadian property landscape, whether as a prospective homeowner, an investor, or a policymaker. The long-term health and stability of the Canadian real estate depends on a thoughtful and balanced approach to policy development, one that considers the diverse needs and interests of all stakeholders. Only through such an approach can the nation ensure that housing remains accessible and affordable for generations to come.

7. Immigration levels

The arrival of newcomers to Canada, a constant current in the nation’s demographic river, exerts a tangible force on its real estate values. Each year, as individuals and families from across the globe choose to call Canada home, they inject fresh demand into the housing market, a demand that ripples outward, impacting prices and availability in varying degrees across the country. The story of this connection is one of increasing urbanization, the concentration of newcomers in major metropolitan areas, and the subsequent pressure placed on existing housing stock. Imagine the bustling streets of Toronto or Vancouver, cities that serve as magnets for immigrants seeking opportunity and community. As these communities grow, so too does the demand for housing, driving prices ever higher in already competitive markets. This influx is not merely a statistical increase; it is the arrival of doctors, engineers, entrepreneurs, and families, all seeking a place to live, work, and build their futures.

The precise impact of these inflows is a subject of ongoing debate among economists and policymakers. Some argue that they are a primary driver of escalating prices, particularly in specific urban centers. Others contend that it is but one factor among many, intertwined with interest rates, housing supply, and government policies. Regardless of the precise weight assigned, the relationship is undeniable. The concentration of immigrants in certain regions, driven by factors such as job opportunities, established ethnic enclaves, and access to services, exacerbates localized price pressures. For example, certain neighborhoods within Toronto and Vancouver have become particularly attractive to specific immigrant communities, leading to increased demand and prices in those areas. This pattern is not static; as immigrant populations grow and diversify, the areas they choose to settle in may also shift, creating new pockets of demand and influencing price dynamics in different regions. Analyzing settlement patterns and correlating them with housing valuation provides a nuanced understanding of these dynamics.

In conclusion, immigration levels represent a significant, albeit multifaceted, element shaping Canadian real estate valuations. It influences the market landscape and its understanding is crucial for policymakers seeking to manage housing affordability and for individuals making real estate decisions. As Canada continues to welcome newcomers, navigating this delicate equilibrium between immigration and housing accessibility will remain a key challenge, demanding innovative solutions and a balanced policy approach.

8. Market speculation

The allure of rapid financial gain, fueled by the expectation of ever-increasing values, constitutes the essence of market speculation. Within the context of Canadian real estate, this phenomenon manifests as a self-fulfilling prophecy, where widespread belief in perpetual price appreciation drives behavior that, in turn, validates that belief. Properties are purchased not for their inherent utility as places to live or conduct business, but rather as commodities to be flipped for profit within a short timeframe. The very act of speculating inflates prices, creating a disconnect between fundamental value and market valuation. A detached bungalow in a quiet suburban neighborhood, once a haven for growing families, transforms into an asset class, subject to the same volatility as stocks and bonds.

One observes this dynamic play out in various forms across Canada. The pre-construction condo market, particularly in cities like Toronto, provides a fertile ground for speculation. Units are purchased based solely on floor plans and renderings, with the intention of assigning the purchase agreement before the building is even completed. The expectation is that the value of the unit will increase significantly during the construction phase, allowing the original purchaser to pocket a substantial profit without ever taking possession. This practice, while legal, contributes to artificial demand and pushes up overall property values. Similarly, anecdotal evidence abounds of individuals leveraging lines of credit to acquire multiple properties, betting that the rental income and capital appreciation will outpace their borrowing costs. This behavior, while potentially lucrative, amplifies the risk of a market correction, as a sudden downturn could leave these speculators heavily indebted and struggling to meet their obligations.

Ultimately, market speculation introduces instability into the Canadian real estate. While it can drive short-term economic activity, it also creates the potential for a bubble, where prices become detached from underlying economic realities. Managing these speculative forces is crucial for ensuring the long-term health and stability of the Canadian housing market. Policymakers must carefully consider measures to curb excessive speculation, such as increasing capital gains taxes on short-term property flips or tightening lending regulations for investment properties. A balanced approach is essential: one that encourages responsible investment while discouraging the speculative activities that can destabilize the market and undermine affordability.

9. Global economy

The narrative of Canadian property valuations is intertwined with the broader saga of the global economy, a connection forged through capital flows, commodity prices, and the collective confidence of international investors. A downturn in the global arena, characterized by declining trade, financial instability, or geopolitical uncertainty, casts a long shadow over the Canadian landscape, chilling investment and dampening enthusiasm. Conversely, a period of global prosperity often translates into increased capital inflows, driving up demand and, consequently, prices. The saga plays out in subtle shifts and dramatic surges, a constant ebb and flow dictated by forces far beyond Canada’s borders. The SARS outbreak of 2003, though primarily a health crisis, triggered a period of economic uncertainty that temporarily slowed the Canadian housing market, illustrating how external shocks can reverberate through the domestic sector. Consider, too, the impact of China’s economic rise: its insatiable demand for resources fuelled a commodity boom in Canada, particularly in the western provinces, leading to a surge in property valuations that mirrored the nation’s economic fortunes. These events underscore a fundamental truth: the global economic narrative is intrinsically woven into the tale of Canadian real estate.

The importance of the global economy is amplified through specific channels. Interest rates, often influenced by global trends and central bank policies worldwide, play a pivotal role in dictating borrowing costs and influencing purchase power. A coordinated effort by central banks to lower interest rates in response to a global recession can inadvertently stimulate demand for Canadian houses, driving up prices even in the face of domestic economic challenges. Furthermore, fluctuations in currency exchange rates directly affect the attractiveness of Canadian property to foreign investors. A weaker Canadian dollar makes houses more affordable for those holding foreign currency, leading to increased investment and upward pressure on valuations. The influx of foreign capital is particularly pronounced in major urban centers, where international buyers often seek safe and stable investments. For instance, Vancouver and Toronto have long been magnets for overseas investment, with buyers from Asia, Europe, and the Middle East contributing significantly to the high monetary value in these cities. Practical significance lies in the need for Canadian policymakers and investors to remain attuned to global economic indicators. Predicting future trends requires a comprehensive understanding of international economic forces, geopolitical risks, and currency fluctuations, elements far removed from local considerations yet integral to informed decision-making.

In essence, understanding the global economy’s effect is not just an academic exercise but a pragmatic necessity for those engaged in the Canadian market. Challenges arise from the unpredictable nature of international events and the difficulty in forecasting their specific impact. From trade wars to pandemic-induced recessions, global forces can disrupt even the most carefully laid plans. Nevertheless, by acknowledging the interdependence between the local property sector and the global economic landscape, investors and policymakers can better anticipate risks and opportunities, fostering a more resilient and sustainable housing market for the future. This realization is a cornerstone of understanding fluctuations and its value, and securing its role as a stable component of the national economy.

Frequently Asked Questions About Canada Real Estate Prices

Navigating the complexities of property valuation can feel like traversing a labyrinth, where uncertainty lurks around every corner. To shed light on common concerns and dispel prevailing misconceptions, this section addresses frequently asked questions.

Question 1: Are Canada property valuations universally overinflated, poised for a dramatic correction?

The spectre of a market collapse haunts many discussions. While pockets of overvaluation may exist, particularly in certain urban centers, a nationwide correction is not a foregone conclusion. The Canadian market is a diverse tapestry, influenced by regional economies, immigration patterns, and government policies. A nuanced understanding, rather than broad generalizations, is crucial.

Question 2: How significantly do international investors impact property values, particularly in major cities?

The influence of international capital flows is undeniable, especially in cities like Vancouver and Toronto. However, attributing all price increases solely to foreign buyers is a gross oversimplification. Domestic demand, low interest rates, and limited housing supply also play significant roles. The precise impact remains a subject of ongoing debate and rigorous analysis.

Question 3: Can government intervention truly stabilize the real estate or does it create unintended consequences?

Government policies, from mortgage regulations to zoning laws, wield considerable power. While intended to promote stability and affordability, such measures can sometimes have unintended consequences, such as dampening demand or restricting supply. A delicate balance is required, carefully weighing the potential benefits against the potential risks.

Question 4: How can prospective homeowners navigate the challenges posed by escalating valuations?

The path to homeownership may seem daunting, but it is not insurmountable. Prudent financial planning, realistic expectations, and a willingness to explore alternative housing options are essential. Seeking professional advice from real estate agents, mortgage brokers, and financial advisors can provide valuable guidance.

Question 5: Is renting a viable long-term alternative to owning property in Canada?

The decision to rent or buy is a personal one, dictated by individual circumstances and financial priorities. While owning property has traditionally been viewed as a cornerstone of wealth creation, renting offers flexibility and avoids the responsibilities of homeownership. In some markets, renting may be a more financially prudent option, particularly given the current high valuations.

Question 6: What is the most critical factor that affects levels?

One cannot point to one single factor as an effect. Affordability, and Interest rates are considered in the property.

In navigating the intricate terrain of this sector, one is armed with knowledge, caution, and a healthy dose of skepticism. A thorough understanding is the cornerstone of informed decision-making.

The complexities of these property values necessitate ongoing investigation and analysis. The subsequent segment of this discussion aims to illuminate future trends, providing insights into the trajectory of the Canadian real estate.

Navigating the Labyrinth

The pursuit of prosperity in the Canadian property market demands a keen understanding of its intricate dynamics. Many enter this arena armed with hope, only to find themselves lost in a maze of fluctuating values and unforeseen challenges. The following counsel, distilled from years of observation and analysis, aims to illuminate the path, guiding those who seek to secure their financial futures within the Canadian real estate landscape.

Tip 1: Embrace Regional Nuance. The Canadian market is not a monolith. Coastal British Columbia operates under a different set of economic principles than the prairie provinces or the Maritimes. Understand the micro-economies, the employment sectors, and the unique demographic realities that shape each local market before making any investment. Ignoring these regional nuances is akin to navigating by a map drawn for another continent.

Tip 2: Temper Enthusiasm with Due Diligence. The allure of quick profits can cloud judgment. Scrutinize financial statements, assess the structural integrity of buildings, and consult with seasoned professionals before committing capital. Stories abound of those who, blinded by the promise of rapid appreciation, overlooked fundamental flaws, only to see their investments crumble before their eyes.

Tip 3: Monitor Policy Shifts. Government regulations, both at the federal and provincial levels, wield significant influence. Stay informed about changes to mortgage rules, zoning laws, and taxation policies, as these can drastically alter market dynamics. A shift in lending regulations, for example, can suddenly constrict the pool of potential buyers, impacting valuations across the board.

Tip 4: Understand Interest Rate Sensitivity. The relationship between borrowing costs and home valuations is direct. Track the pronouncements of the Bank of Canada, analyze the trajectory of bond yields, and consider the potential impact of rising or falling rates on affordability. A seemingly minor adjustment in the benchmark rate can trigger a ripple effect throughout the property sector.

Tip 5: Resist the Siren Song of Speculation. The urge to engage in speculative ventures, buying properties solely with the intent of flipping them for a quick profit, can be overwhelming. However, this path is fraught with risk. A sudden market downturn can leave speculators burdened with debt and unable to unload their assets. Prudence dictates a focus on long-term value, not short-term gains.

Tip 6: Acknowledge Global Forces. The Canadian market does not exist in isolation. Monitor global economic trends, geopolitical events, and currency fluctuations, as these can exert a significant influence. A slowdown in the Chinese economy, for example, can impact commodity prices, which in turn affects the Canadian economy and, consequently, real estate values.

Tip 7: Factor in Hidden Costs. Beyond the purchase price, consider the myriad hidden costs associated with owning property: property taxes, insurance, maintenance fees, and potential repairs. Failing to account for these expenses can strain finances and undermine the overall investment.

These guidelines are not a guarantee of success, but rather a compass to aid navigation through the complexities of Canadian values. Heed these words, and the journey may be fraught with peril, but one can make it less treacherous and bring one closer to a sounder destination.

The preceding insights aim to equip those seeking to understand the market’s intricacies. The subsequent and concluding segment will provide an analytical synthesis, drawing together the various threads to present a comprehensive overview of the sector.

Canada Real Estate Prices

The preceding exploration has sought to illuminate the multifaceted realm of monetary values attached to Canadian property. From the pressures of affordability and the sway of interest rates to the impact of immigration and the specter of market speculation, the narrative has traced the complex interplay of forces shaping this vital sector. Regional disparities, often overlooked, have been brought into sharp focus, highlighting the unique economic realities underpinning various markets across the nation. Government policies, intended to steer the market towards stability, have been examined for both their beneficial effects and their unintended consequences. And finally, the long shadow of the global economy has been cast upon the Canadian landscape, reminding us of the interconnectedness of all things.

The hope is that this comprehensive overview provides the reader with a deeper understanding of the dynamics at play. The numbers on a listing or sales contract represent more than mere financial transactions; they reflect the hopes, dreams, and anxieties of countless individuals and families. As Canada moves forward, navigating the challenges of affordability and ensuring equitable access to housing will remain paramount. Thoughtful analysis, informed policy decisions, and a commitment to sustainable growth are essential if the Canadian dream of homeownership is to remain within reach for generations to come.