The release of new real estate market data from the Canadian Real Estate Association (“CREA”) today shows why Ontario policy makers should stay the course on taking bold action to save the Canadian dream of home ownership by increasing housing supply. While prices are down nationally, in Ontario they are up almost 7% year-over-year with the average price of a home coming in at $932,000 in 2022, according to CREA’s residential sales data. Thanks to increasing interest rates and a lack of homes on the market, affordability of home ownership for young families is at historic lows.
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