RBC economist Robert Hogue on where housing prices are heading - and why affordability won’t make a quick return

Maintaining a high quality of life has become a challenge for Canadians facing higher prices for basic necessities, with shelter costs representing a significant and rising expense for many households. The latest inflation report showed mortgage interest costs increased 25.4 per cent year-over-year in March, while rent prices jumped 8.5 per cent year-over-year. The state of the housing market has a multiplier effect, affecting economic growth, consumer spending, businesses – even internal migration to cities that offer affordable housing.

To unpack the latest housing trends, The Globe and Mail recently spoke with Robert Hogue, assistant chief economist at Royal Bank of Canada RY-T. He shared his perspectives on the housing market and ways to address housing affordability.

What’s your outlook for home prices?