Housing Market Cools, But Affordability Remains Elusive

0:00Housing prices in Canada's hottest markets like Ontario and British Columbia are starting to dip a bit, but real estate pros warn it's no game changer. For first time buyers, hoping for a real break. TD economics just dropped the report, predicting a tiny nationwide slide of 0.3% this year, after some rough quarters in the market. Interest rates are still pretty low compared to history, though nowhere near those pandemic lows that juiced up buying sprees. Meanwhile, Ontario's premier Doug Ford rode out a one-year plan to scrap the harmonized sales tax on new homes up to $1 million, handing. Eligible folks rebates as high as $130,000. Folks on the ground aren't feeling the relief yet. Since these tweaks don't touch the core issue, home prices keep racing ahead of what most wages can. Handle. First timers are stuck watching from the sidelines as affordability stays out of reach. Just like finance profs are clear, we need steady prices paired with strong income jumps to actually fix this.

1:00Without both, these small dips and rebates just patch over deeper problems. So while the market cools a touch, the big shift buyers crave hinges on wages, catching upkeep an eye on that as we head into the rest of the year. From your city, powered by AI. This is Vancouver News Today.