Stalling prices are necessary to begin reversing the harmful erosion of housing affordability for younger people and newcomers to Canada, because the changes required are dramatic. The amounts by which home prices would need to fall, or wages rise, to reconnect housing costs with local earnings are detailed in our report for all of Canada, most provinces and territories, and many cities (👇 or keep scrolling for a breakdown of how housing affordability varies from coast to coast to coast 👇).

We might have triggered stalling home prices sooner IF inflation data had adequately captured the 318% increase in home values since 2000. Without accurate data, it took rising food and gas prices – which are themselves harmful for many – for the Bank of Canada to start making monetary policy decisions that help slow the housing market. Unlike Canadians’ anger about other rising costs, many of us have tolerated rising home prices because of the wealth created for regular home owners, especially those who got into the market before prices spiraled out of control.