Canadian home prices fall in Toronto as mortgage renewals and housing crisis continue

The average home price in the Toronto area has dropped below $1 million for the first time since 2021. This comes as the Canada Mortgage and Housing Corporation (CMHC) reports that most homeowners have avoided major financial strain from mortgage renewals so far, though it points to Toronto and Vancouver as potential warning signs. An opinion piece suggests a 'grand bargain' is needed to address the country's ongoing housing crisis.