The Information Guys

Canadian homes will be nearly 10 per cent more expensive at the end of 2024 than they were the year before, according to a new report.

The report says two things are pushing prices up: the “severe shortage” of housing across the country and more demand from sidelined homebuyers who could enter the market if the Bank of Canada lowers its key interest rate, which currently sits at five per cent.

“A decrease in the bank rate, which will translate into cheaper mortgages, will increase the demand in the marketplace” and push up prices

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These homes, geared toward moderate-income renters, are no replacement for the more deeply affordable social housing.

The first region-wide study of its kind shows that a relatively new housing policy in Metro Vancouver has produced thousands of new below-market rental homes in recent years, built almost entirely by the private sector.

For context, there are about 34,000 independent social housing units currently in existence across all of Metro Vancouver — so 9,200 units, most approved just within the past few years, represents a significant number.

These homes, geared toward moderate-income renters, are no replacement for the more deeply affordable social housing that government agencies like B.C. Housing build and operate. But with the number of social housing units built by senior governments not meeting the need, some Metro municipalities have found inclusionary housing policies an effective way to get more affordable rental homes built by for-profit developers.

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