The Canada Mortgage and Housing Corporation has said it is no longer possible to return Canada to 2004 levels of housing affordability. We cannot build enough new housing supply to hit that target. So it’s changing its benchmark.

Rachelle Younglai covers housing and real estate for The Globe. She explains the CMHC’s new approach to affordability, what they say needs to happen to improve the cost of housing and what it means for home prices and rents.

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