The Latest In Mortgage News: Half of Canada’s Big Housing Markets Are Unaffordable

A new study by Zoocasa reveals that nearly half of the 15 major urban centers across Canada have unaffordable housing. Seven key markets, including the Greater Vancouver and Toronto areas, Victoria, Hamilton-Burlington, Kitchener-Waterloo, and London-St. Thomas, have median-income earners who wouldn’t qualify for a mortgage large enough to fund their home purchase. Meanwhile, Prairies are home to many of the most affordable markets. Conservative leader Andrew Scheer’s solutions to improving housing affordability include making a comeback of thirty-year amortizations for first-time homebuyers, fixing the mortgage stress test, launching an inquiry into money laundering in the real estate sector, and making surplus federal real estate available for development to increase the supply of housing. CIBC CEO Victor Dodig announced the bank will “reorient” its mortgage strategy and diversify its mortgage portfolio away from the two key markets it has been focused on in recent years.