Canadian housing affordability has worsened since 1990, with housing costs now consuming nearly 30% of household income, compared to 18% in 2000. A surge in prices from 2020-2025 was driven by record low interest rates, COVID-19 lockdowns, foreign investment, and rapid immigration. Major cities like Vancouver and Toronto are most affected. Despite high costs, buying remains preferable to renting for long-term security. Solutions require increased housing supply, zoning reform, and wage growth.
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