Historically low mortgage rates, a race for space and a rush to get into the market ahead of tougher borrowing rules have all fueled a surge in home prices across Canada during the pandemic, and it’s not limited to major real estate hot spots. But when the borders reopen to immigration, housing experts say fresh demand may keep prices hot.
Prices are up about 30 percent across Canada, bringing bidding wars and buying frenzies to cottage country and smaller cities like Hamilton, Halifax and Moncton, all contributing to a growing affordability crisis.
Will the housing boom go bust? Global’s Anne Gaviola explains.
Priced out is a three-part series looking at housing affordability challenges facing young people in Canada.
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