Home affordability finds its footing, but rising rates could change that

Lately, there’s been a noticeable shift in home affordability across Canada — and it comes down to more than just mortgage rates. In August, the average five-year fixed mortgage rate climbed to 4.55%. Surprisingly, this hasn’t had a major effect on monthly payments yet. Instead, it’s the decline in home prices, particularly in Toronto, Vancouver, and Montréal, that’s making ownership a bit more accessible for many buyers. My background in both analytics and real estate has shown me that these nuances matter when navigating the market. As always, understanding the interplay between prices and rates is key to making confident property decisions, whether you’re buying your first home or considering a move in these dynamic cities.