Home affordability improves in 10 of 13 Canadian cities in July

Home affordability improved in 10 of 13 major Canadian cities in July due to falling home prices, with Vancouver seeing the largest drop in required qualifying income by $2,540. Mortgage rates changed minimally, with the average five-year fixed rate slightly decreasing from 4.57% to 4.54%. Ottawa, Fredericton, and St. John's saw modest affordability declines. Discounted fixed-rate mortgage options below 4% remain available.