Canada has been experiencing some improvement in housing affordability in the recent months. The average housing prices went down by a significant margin of 1percent in the second quarter of 2019. This drop marked a record quarterly decrease in the prices witnessed in the past decade. On the other hand, the median household income went up by 1.7 percent. The mortgage rates made a significant drop of 3.6 percent that made the rates to read at 45.5 percent in the past few months. Luckily for the people of Canada, the factors mentioned above together with the significant drop in housing prices have resulted in a remarkable improvement in housing affordability.
Making a comparison between the top ten urban cities in Canada, you will note that housing affordability improved with the highest margin in Vancouver, Victoria, Toronto and Hamilton. Regardless of the housing affordability, Toronto and Vancouver are still the most expensive urban cities to live in across the country. On the other hand, Winnipeg and Quebec City were ranked among the most affordable cities across Canada. The difference between the most expensive and the most affordable cities was quite big, facilitated by various factors that end up affecting the housing prices.
In Calgary, the cost of housing seems to be moving from better to best. The city has been recording a significant decline of 3.5 percent year after year, and this is glad tidings to the residents of the city. This advantage put together with an income rise of 1.5 percent and much lower financial costs in Calgary city has put Calgary homes to their all-time most affordable on record.