We’ve now seen 10 consecutive quarters where affordability has remained a pressing concern across Canada. As mortgage rate relief becomes less of a factor, the focus is shifting to home prices and income growth. Over the next year, most economists anticipate that mortgage rates will hold steady or potentially rise, so any improvement in affordability will depend even more on price moderation. It’s worth noting that slower population growth is expected to ease housing demand and help keep prices in check, while a strengthening labour market should support household incomes. From my experience working in Greater Vancouver, it’s clear that buyer and seller conversations are highly local—what’s happening in Vancouver or Toronto can look very different from Calgary or Edmonton. While an improving job market should help, economists caution that real progress on affordability will require ongoing moderation in home prices. As always, navigating these market nuances is about understanding both the broader trends and the unique factors shaping local opportunities.
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