show housing is the least affordable it has been in 30 years, since the peak of the 1980s/1990s housing bubble.
With would-be buyers seeing their purchasing power shrinking, many are staying put in rental housing, and that’s putting upward pressure on rents. In a recent client note, Bank of Montreal economist Robert Kavcic estimated that, with the Bank of Canada’s July rate hike, the mortgage payment on an average-priced home in Ontario will have ballooned by more than 50% since early 2021, from around $3,000 to $4,700.Over the past year, as discount rates for five-year fixed-rate mortgages jumped from around 1.7% to 4.3%, the monthly payment on an average-priced house jumped from around $2,200 to $2,900, a 32% increase.
The group is among a growing number of “YIMBY” organizations that are taking on “NIMBY” activists who oppose new development in existing neighbourhoods.