Canadian home buyers face least affordable market in a generation

Housing Trends and Affordability - June 2022 Sky-high prices and rising interest rates pummel affordability: RBC’s aggregate affordability measure for Canada surged 3.7 percentage points to 54.0% in the first quarter of 2022—the worst level of affordability since the early 1990s. While appreciating property values dialed up sensitivity in many Prairie, Quebec and Atlantic Canadian markets, the loss of affordability arising from a rate rise is still considerably less in those regions than the national average. We think these coping mechanisms will cushion the impact of rising rates on housing demand.

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