A report from RBC Capital Markets has warned that housing affordability in two key Canadian markets is irreparable.

The report, prepared by Geoffrey Kwan and entitled RBC Capital Markets Canadian Housing & Mortgage Virtual Conference Recap, which was sent to True North, included the ominous warning.

“Fixing housing affordability, particularly in Toronto and Vancouver, is likely past the point of no return; housing activity remains weak, but is showing early signs of improvement as year-over-year comparisons improve through 2023,” Kwan’s report read.