^You are correct...if talking specifically of housing price.
Housing prices was clearly a huge problem way before the recent immigration spike. Immigration wasn't on radar yet in 2022, it was runaway inflation as a result of historically low borrowing rates that caused a buying frenzy. As you showed the average has dropped overall in the past 2 years due to housing prices in Toronto and Vancouver now that interest rates have normalized. Now of course, if we include interest rates, the cost of borrowing in 2024 is significantly higher than the peak in Feb 2022.
The same cannot be said for rent. Extreme immigration levels and a spike in interest rates is largely why Canada has seen an insane jump YOY
https://www.moneysense.ca/spend/real...g-rent-prices/
Quote:
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A new report says the average asking price for a rental unit in Canada was $2,193 per month in February, marking a 10.5% jump year-over-year and the fastest annual growth since September 2023.
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Canada also has the lowest vacancy rate seen since 1988, which can only be attributed to supply / demand as a result of immigration.
https://www.cmhc-schl.gc.ca/media-ne...utpaces-supply
Quote:
In most major markets across Canada, strong rental demand outpaced supply for the second year in a row, resulting in less available purpose-built rental apartments and lower affordability in Canada’s primary rental market, according to the latest Rental Market Report (RMR) released by Canada Mortgage and Housing Corporation (CMHC).
As a result, the national vacancy rate for Canada’s primary rental market reached a new low of 1.5% in 2023, the lowest recorded rate since 1988, when CMHC began recording a national vacancy rate.
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I would equate the housing crisis as encompassing rentals as well (as shown
here), as such Azure's statement is at least partially accurate.