A slow, prolonged erosion of affordability conditions began in the early 2000s
New report calls on all levels of government to work harder to cut the cost of buying a home
Housing starts forecast to drop to 247,000 this year as costs, inventories rise
Some borrowers are extending their amortization periods to lower their monthly payments
At least 430,000 units annually are needed over the next decade to restore 2019 affordability levels
As vacancies rose, landlords lowered rents on new leases to stay competitive
Borrowers have had some relief as interest rates have trended down
Some cities continued to build new housing at high levels while Vancouver and Toronto markets sag