Housing Affordability Improves (Slightly), and Demand for Recreational Properties On the Rise

This week’s top real estate stories.

By  Jared Lindzon | 2 minute read

Every Friday, Wahi brings you the most important real estate stories from the past week. 

And They’re Off…

It’s official: Canadians will be heading to the polls one month from today (April 28) to determine which party will lead our country through perhaps its greatest existential threat ever, with a side of a housing and affordability crisis. In the early days of the brief campaign cycle, the major parties made their pitch for tackling housing affordability. So far, the Liberals have proposed cutting the 5% GST on homes priced up to $1 million for first-time buyers, while the Conservatives have promised to “axe” the GST on new home sales worth up to $1.3 million.  

Buying a Home in Canada Just Got (Slightly) Easier 

It is becoming a smidge less impossible to buy a home in Canada, depending on where you live. According to a new National Bank study, housing affordability — as measured by mortgage payments as a percentage of income — improved in each quarter of 2024. Mortgage payments fell 0.8% and incomes rose 1.1%, though prices increased 1.25% in the last quarter of the year. According to the study, affordability improved in six of the country’s 10 biggest markets, with the most progress seen in Vancouver, Toronto and Victoria. At the same time, it became harder to buy in both Montreal and Quebec City.

Beware Toronto’s Hidden Second Rent 

Condo fees are getting out of control in certain parts of the GTA. According to our analysis of 1,500 buildings in the city, median monthly condo fees can range from under $500 to over $1,000 for one-bedroom units. In fact, both 33 Harbour Square and the Shangri-La charge one-bedroom renters $1,039 in maintenance fees. Overall, older buildings in less central parts of the city typically charge the lowest monthly fees, while those newer towers in the heart of the city often have the highest. In fact, half of the top 10 most expensive buildings are found in Old Toronto.

Greater Demand for Getting Away

If you’re feeling an urge to escape these days, you’re not alone. According to a new report by Royal LePage demand for recreational homes in Canada is outstripping supply, despite the tariff threats and economic instability weighing down the rest of the housing market. According to the report, single-family home prices in cottage regions are expected to increase 4% this year, with higher prices anticipated in each province’s recreational market. Despite the strong forecast for the 2025 summer getaway season, the report suggests that geopolitical uncertainty — including tariff threats and the upcoming federal election — may slow demand in the short term.

Landlords and Renters Exist in Different Realities

Landlords and renters have shockingly different views of the housing market. According to a new survey, 45% of landlords complain that they aren’t able to charge as much rent as they would like, yet 43% of renters complain that prices are too high. Furthermore, 62% of landlords say they’re getting fewer tenant applications than expected, yet 67% of renters complain the market is too competitive and difficult. Overall, two-thirds of landlords say they are either breaking even or taking a loss on their rental properties, even as 57% of tenants believe their landlord is making a substantial profit.

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