Housing affordability improved in July from June

July brought a welcome shift for many looking to enter the market: home prices declined in 10 out of 13 Canadian cities, with Vancouver, Hamilton, and Regina seeing some of the most notable changes. This means the income needed to qualify for a mortgage has gone down, offering a bit of relief for buyers. While mortgage rates dipped slightly, it was really the price adjustments that made the difference in affordability this month. As a Homelife Higher Standards Sales Representative, I’m committed to guiding you through every step of your home journey, keeping you informed as the landscape evolves.