Toronto homes will be unaffordable even in 'worst-case scenario' recession: Report

Toronto homes will remain unaffordable to many buyers even if a “worst-case scenario” recession materializes, according to a new report.

“After years of being priced out of the market, many prospective Toronto homebuyers now sense an opening with a recession looming,” economists at Desjardins said in a note published Tuesday.

“But even in the direst of economic scenarios, we don’t see affordability returning to Canada’s largest city anytime soon.”

Restoring affordable real estate in Toronto is a long-term process that will require coordination between all levels of government and the private sector to address, the report’s authors concluded.