Households’ debt-servicing costs are also at a historic high. While we seem to have avoided the hard landing in housing that many had feared, prices in Toronto and Vancouver are still about 40 percent higher than in 2015, when the pickup began. They’re also notably higher in markets that weren’t on the radar then, such as Montréal.
We also see that mortgage credit growth and some housing prices have started to pick up again. The market has been boosted by a drop in mortgage rates.