Canada's housing market is firming up, RBC says

Canadian housing affordability gains are nearing an end as home price declines slow and mortgage rates rise. Ownership costs peaked at over 60% of household income in late 2023 but improved due to higher borrowing costs and weaker demand. Ontario and B.C. face larger price drops, while Quebec, Atlantic Canada, and the Prairies see rising prices but softening resale activity. Rental markets remain soft due to steady supply and slower population growth, with more people renting longer amid affordability challenges.