10/09/2026
Home affordability finds its footing, but rising rates could change that
We're seeing a meaningful shift in home affordability across Canada, with average five-year fixed mortgage rates reaching 4.55% in August. Interestingly, this uptick in rates hasn’t had a significant effect on monthly payments for many. The real driver behind improved affordability has been the decline in home prices, a trend felt most clearly in cities like Toronto, Vancouver, and Montréal. After over 25 years helping clients navigate the ups and downs of the GTA market, I know how quickly conditions can shift—especially when rates are on the move. If you’re considering your next step, understanding these nuances is key to making a confident decision.