Canadian Housing Affordability Remains Stable in Many Regions

Canada's national housing affordability improved slightly in Q2, driven by rising incomes and stable home prices and interest rates. Vancouver and Toronto saw notable affordability gains, though Vancouver remains the least affordable market. Some Prairie and Atlantic markets experienced affordability declines. Rising long-term interest rates and potential Bank of Canada hikes may increase ownership costs in 2027. Regional markets show mixed trends, with some stability and others facing affordability pressures amid varying home price and resale activity.