Home affordability improves in 10 of 13 Canadian cities in July

Good news for those keeping an eye on the real estate market: in July, home affordability improved in 10 out of 13 major Canadian cities, thanks to declining home prices. As someone who’s been helping families, first-time buyers, and investors navigate the Greater Toronto area for over two decades, I know how significant these shifts can be—especially with mortgage rates inching down and some discounted fixed-rate mortgages now coming in below 4%. Vancouver experienced the largest drop in income required to buy, but this trend is bringing new opportunities right across the country. These changes can make a real difference as you plan your next move or investment.