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

While Canada’s average five-year fixed mortgage rate reached 4.55% in August, the impact on monthly payments has been minimal so far. What’s really moving the needle for home affordability right now is the drop in home prices, seen especially in Toronto, Vancouver, and Montréal. As someone who guides clients through precise pricing and strategic sales in Greater Vancouver, I’m closely watching these shifts—affordability can change quickly if rates continue to rise. Navigating this evolving landscape takes both up-to-date insights and a tailored approach to each client’s goals.