Battered Housing Markets Await Demographic Rescue: Canada’s Three-Year Housing Outlook—May 2023

Townhouses in suburban Vancouver, B.C.

Battered Housing Markets Await Demographic Rescue: Canada’s Three-Year Housing Outlook—May 2023

Canadian
Pages:16 pages13 min read

Author: The Conference Board of Canada

$225.00

This quarterly economic forecast presents the medium-term outlook for the Canadian economy. This release focuses on housing. For an overview of all major components of the economy, go to the Canadian Outlook main page.

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This issue briefing examines new and existing Canadian housing markets. Forecasts are presented for housing starts, existing housing prices, and residential investment.

Household formation will jump from an annual average of just under 221,400  in 2012–21 to over 244,000 in 2023–27. This raises several difficult questions. Will there be enough labour to build the required number of homes and where will they be located? Will ongoing housing scarcity boost prices even further out of homebuyers’ reach? And how have rising mortgage rates affected housing markets?

Read this issue briefing to get our full analysis.

Key findings
Housing snapshot
Financing costs deter homebuyers
Interest rates
Employment
Population
Resale market
New construction
Medium-term housing starts forecast
Residential investment
Methodology

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