The latest in mortgage news: record population growth to keep upward pressure on home prices

A new report by Zoocasa indicates that Canada's population growth will worsen the housing supply shortage, leading to even higher home prices. The report found that home price growth exceeded population growth by a significant margin in most years in the past 18 years. With the country expected to take in over 465,000 new immigrants annually and the national average home price already reaching a monthly high of $804,900, the report predicts continued housing supply pressure and upward pressure on home prices. Meanwhile, another report by hellosafe reveals that a household income of over $175,000 is needed to afford an average 1,500-square-foot home in Ontario, with Toronto being the most expensive city. In other news, Canadian housing starts surged in June, reaching a record number of 281,373 units, and EQ Bank launched its Tax-Free First Home Savings Account (FHSA) with an interest rate of 3.00%, offering a fully digital, no-fee FHSA savings account for prospective homebuyers.