Home affordability improves in most Canadian markets

Home prices fell in most major Canadian markets in August, improving affordability in 10 of 13 cities, including Toronto, Vancouver, and Montreal. Toronto saw the largest decrease in income required to buy a home, while Halifax, Ottawa, and Fredericton experienced worsening affordability due to rising prices. Fixed mortgage rates increased, with the lowest five-year fixed rate now at 4.24%, and variable rates remain below 4%. Securing a rate hold is advised amid rate volatility.