Home affordability improves in 10 of 13 Canadian cities in July

In July, home affordability took a positive turn in 10 out of 13 major Canadian cities, thanks to a drop in home prices. Vancouver, in particular, saw the sharpest decrease in income needed to buy. Mortgage rates also edged down a bit, and there are still discounted fixed-rate mortgages available under 4%. With more than two decades of lending and underwriting behind me—and thousands of successful deals completed—I’m always analyzing these shifts to help clients make the most of changing market opportunities.