Improving housing affordability continues in most Canadian major markets

Canada's national housing affordability improved to a four-year best at 53% in Q1 2026, led by gains in Vancouver and Toronto, though both remain least affordable. Condo affordability nearly returned to pre-pandemic levels nationally, while single-detached homes remain costly. Price declines are tapering, and interest rates have likely bottomed, limiting further mortgage cost reductions. Some markets like Montreal and Quebec City saw rising costs, while others like Calgary and Saskatoon show normalized affordability supporting solid activity.