In July, declining home prices and slightly lower borrowing costs reduced the income needed to qualify for mortgages in 10 of 13 Canadian markets. Vancouver saw the largest price drop of $10,300, followed by Hamilton and Regina. Monthly mortgage payments decreased accordingly, with home price changes being the main driver of improved affordability. The average five-year fixed mortgage rate fell slightly from 4.57% to 4.54%, minimally impacting affordability.
Continue to full article
