This CMHC report provides insights into the housing market conditions in the major Northern centers of Whitehorse, Yellowknife, and Iqaluit in the Northern Territories. It highlights the slowdown in residential construction due to labour shortages, rising material costs, and the challenges of providing adequate social and housing support for the rapidly aging population. The report also discusses the impact of monetary policy on financing for homebuyers and homebuilders, and the worsening affordability as rents and homeownership costs increase faster than incomes. Additionally, it mentions the high house prices in these centers and the increase in households living in inadequate and/or unsuitable homes.
The report also notes the role of non-market providers, such as non-profit groups and governments, in providing a large portion of housing.
Topics include: Northern housing, housing supply, population aging, monetary policy, affordability, and core housing needs.